First National Bank of Mount Dora Trust Investment Services Trims Stock Position in The Progressive Co. (NYSE:PGR)

First National Bank of Mount Dora Trust Investment Services decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 2.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 31,974 shares of the insurance provider’s stock after selling 945 shares during the period. Progressive makes up approximately 1.8% of First National Bank of Mount Dora Trust Investment Services’ investment portfolio, making the stock its 15th largest holding. First National Bank of Mount Dora Trust Investment Services’ holdings in Progressive were worth $7,661,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new position in Progressive during the 3rd quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. increased its position in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC acquired a new position in Progressive during the 2nd quarter worth approximately $36,000. Friedenthal Financial acquired a new position in Progressive during the 3rd quarter worth approximately $49,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Progressive during the 3rd quarter worth approximately $49,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $243.79 on Friday. The business’s fifty day moving average price is $250.53 and its two-hundred day moving average price is $242.03. The stock has a market cap of $142.82 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a one year low of $166.92 and a one year high of $270.62.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. On average, analysts forecast that The Progressive Co. will post 13.52 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is presently 2.91%.

Analyst Ratings Changes

Several research firms have issued reports on PGR. Wells Fargo & Company boosted their target price on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Keefe, Bruyette & Woods lowered their price target on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a report on Thursday, December 26th. BMO Capital Markets lowered their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Finally, Evercore ISI upped their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average price target of $275.24.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,981 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 10.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Monday, December 30th. The stock was sold at an average price of $238.66, for a total value of $2,386,600.00. Following the completion of the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,919 shares of company stock valued at $8,222,168 in the last quarter. 0.34% of the stock is currently owned by company insiders.

Progressive 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.