The Progressive Co. (NYSE:PGR) Holdings Boosted by Private Trust Co. NA

Private Trust Co. NA raised its stake in The Progressive Co. (NYSE:PGR) by 2.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,158 shares of the insurance provider’s stock after acquiring an additional 241 shares during the period. Private Trust Co. NA’s holdings in Progressive were worth $2,515,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Balentine LLC raised its stake in shares of Progressive by 0.3% during the 4th quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock worth $3,530,000 after purchasing an additional 58 shares in the last quarter. Compass Ion Advisors LLC grew its holdings in Progressive by 0.8% in the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after buying an additional 59 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in Progressive by 10.2% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after buying an additional 62 shares in the last quarter. Independent Advisor Alliance grew its holdings in Progressive by 1.9% in the 4th quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock valued at $548,000 after buying an additional 64 shares in the last quarter. Finally, Winslow Asset Management Inc. grew its holdings in Progressive by 0.8% in the 4th quarter. Winslow Asset Management Inc. now owns 8,579 shares of the insurance provider’s stock valued at $1,366,000 after buying an additional 67 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the sale, the insider now directly owns 35,503 shares in the company, valued at approximately $7,357,996.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,825 shares of company stock valued at $3,337,741. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 1.5 %

PGR stock traded down $3.16 during mid-day trading on Thursday, reaching $203.18. The company’s stock had a trading volume of 2,405,970 shares, compared to its average volume of 2,569,278. The company has a market cap of $119.00 billion, a price-to-earnings ratio of 20.80, a price-to-earnings-growth ratio of 0.81 and a beta of 0.34. The business’s 50 day moving average price is $208.94 and its 200 day moving average price is $184.91. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. During the same period in the previous year, the company posted $0.65 earnings per share. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. On average, equities research analysts predict that The Progressive Co. will post 11.53 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.20%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PGR. Wells Fargo & Company reduced their target price on Progressive from $244.00 to $243.00 and set an “overweight” rating on the stock in a report on Monday. Piper Sandler reissued an “overweight” rating and set a $240.00 target price on shares of Progressive in a report on Monday, April 1st. BMO Capital Markets raised their price objective on Progressive from $234.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, May 16th. HSBC raised their price objective on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Finally, The Goldman Sachs Group raised their price objective on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus target price of $215.19.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.