Amalgamated Bank Sells 1,061 Shares of The Progressive Co. (NYSE:PGR)

Amalgamated Bank cut its stake in The Progressive Co. (NYSE:PGR) by 0.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 124,568 shares of the insurance provider’s stock after selling 1,061 shares during the quarter. Amalgamated Bank’s holdings in Progressive were worth $25,874,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. WR Wealth Planners LLC increased its stake in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new position in shares of Progressive in the 1st quarter worth about $32,000. Sachetta LLC purchased a new stake in Progressive during the 4th quarter valued at about $25,000. Northwest Bank & Trust Co purchased a new stake in Progressive during the 4th quarter valued at about $25,000. Finally, Hilltop National Bank grew its position in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a report on Tuesday, September 3rd. The Goldman Sachs Group raised shares of Progressive from a “neutral” rating to a “buy” rating and raised their price target for the company from $230.00 to $262.00 in a report on Thursday, August 15th. JPMorgan Chase & Co. raised their price target on shares of Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Finally, Roth Mkm raised their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $256.12.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 22,708 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $4,859,739.08. Following the sale, the chief financial officer now directly owns 302,958 shares of the company’s stock, valued at $64,836,041.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 146,704 shares of company stock valued at $33,367,408. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Up 0.2 %

Progressive stock opened at $256.91 on Wednesday. The stock has a market cap of $150.47 billion, a P/E ratio of 26.30, a PEG ratio of 0.82 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Co. has a 1 year low of $137.59 and a 1 year high of $260.46. The firm’s 50 day moving average price is $231.42 and its 200-day moving average price is $216.02.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the business posted $0.57 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, equities analysts predict that The Progressive Co. will post 12.29 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

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.