Avalon Trust Co acquired a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 118,434 shares of the insurance provider's stock, valued at approximately $25,872,000. Progressive accounts for approximately 1.6% of Avalon Trust Co's portfolio, making the stock its 16th largest holding.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Klingman & Associates LLC increased its holdings in Progressive by 1.7% in the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock valued at $667,000 after acquiring an additional 48 shares during the last quarter. Revisor Wealth Management LLC boosted its holdings in shares of Progressive by 2.7% during the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock valued at $395,000 after purchasing an additional 50 shares during the last quarter. Pines Wealth Management LLC grew its position in shares of Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock valued at $319,000 after purchasing an additional 52 shares in the last quarter. Northwestern Mutual Investment Management Company LLC grew its position in shares of Progressive by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock valued at $4,267,000 after purchasing an additional 52 shares in the last quarter. Finally, Phillips Wealth Planners LLC increased its holdings in shares of Progressive by 2.8% in the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock worth $436,000 after purchasing an additional 52 shares during the last quarter. Institutional investors own 85.34% of the company's stock.
Insider Transactions at Progressive
In other news, CIO Jonathan S. Bauer sold 2,242 shares of Progressive stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at approximately $5,583,637.50. This trade represents a 7.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the business's stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the sale, the insider directly owned 32,348 shares of the company's stock, valued at $6,880,743.08. This represents a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 74,885 shares of company stock valued at $15,880,459. Company insiders own 0.32% of the company's stock.
Analyst Ratings Changes
A number of equities research analysts recently commented on PGR shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Progressive in a research report on Monday, August 3rd. BMO Capital Markets cut their price target on Progressive from $220.00 to $205.00 and set a "market perform" rating for the company in a report on Thursday, July 16th. HSBC lifted their price objective on Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a research note on Monday, July 6th. JPMorgan Chase & Co. decreased their price objective on Progressive from $250.00 to $241.00 and set a "neutral" rating on the stock in a report on Tuesday, August 4th. Finally, Wells Fargo & Company lowered their target price on Progressive from $205.00 to $198.00 and set an "underweight" rating for the company in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $235.00.
Get Our Latest Report on Progressive
Progressive Stock Up 0.3%
NYSE PGR opened at $209.48 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The firm has a market capitalization of $121.79 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 2.82 and a beta of 0.27. The company has a fifty day moving average of $214.36 and a two-hundred day moving average of $206.47.
Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business's revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the business earned $5.40 EPS. On average, analysts predict that The Progressive Corporation will post 17.57 earnings per share for the current year.
Progressive Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's dividend payout ratio is presently 2.01%.
Progressive Profile
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Free Report)
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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