1,001 Shares in The Progressive Co. (NYSE:PGR) Bought by Park National Corp OH

Park National Corp OH bought a new position in The Progressive Co. (NYSE:PGR) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,001 shares of the insurance provider’s stock, valued at approximately $207,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Progressive by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 51,466,781 shares of the insurance provider’s stock valued at $8,197,629,000 after purchasing an additional 218,809 shares during the last quarter. Wellington Management Group LLP lifted its stake in Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Progressive by 3.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after purchasing an additional 520,742 shares during the last quarter. Norges Bank acquired a new stake in Progressive in the 4th quarter valued at about $1,078,831,000. Finally, Northern Trust Corp lifted its stake in Progressive by 2.8% in the 3rd quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock valued at $833,410,000 after purchasing an additional 162,916 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction on Wednesday, April 17th. The shares were 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 in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the transaction, the chief financial officer now owns 312,958 shares of the company’s stock, valued at $63,978,003.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction 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 directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,818 shares of company stock worth $4,280,482. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock traded up $3.37 during mid-day trading on Tuesday, reaching $211.61. The company had a trading volume of 1,044,261 shares, compared to its average volume of 2,557,263. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $217.77. 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 company has a market cap of $123.94 billion, a P/E ratio of 21.59, a P/E/G ratio of 0.78 and a beta of 0.35. The business has a fifty day simple moving average of $209.05 and a 200 day simple moving average of $190.85.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. Progressive’s revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.65 earnings per share. On average, equities research analysts predict that The Progressive Co. will post 11.58 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Analyst Upgrades and Downgrades

PGR has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a report on Monday. Roth Mkm increased their price target on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 18th. The Goldman Sachs Group raised their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. JPMorgan Chase & Co. raised their target price on shares of Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, Bank of America raised their target price on shares of Progressive from $279.00 to $286.00 and gave the stock a “buy” rating in a report on Thursday, May 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $216.81.

Progressive Company Profile

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.