Bank of New York Mellon Corp Has $1.16 Billion Holdings in The Progressive Corporation (NYSE:PGR)

Bank of New York Mellon Corp decreased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 10.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,083,882 shares of the insurance provider's stock after selling 453,596 shares during the period. Bank of New York Mellon Corp owned about 0.70% of Progressive worth $1,155,780,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. World Investment Advisors increased its holdings in shares of Progressive by 7.7% in the 1st quarter. World Investment Advisors now owns 7,245 shares of the insurance provider's stock valued at $2,050,000 after purchasing an additional 519 shares during the period. Wayfinding Financial LLC bought a new stake in shares of Progressive in the 1st quarter valued at approximately $58,000. Truist Financial Corp grew its stake in shares of Progressive by 26.2% in the 1st quarter. Truist Financial Corp now owns 426,337 shares of the insurance provider's stock valued at $120,658,000 after buying an additional 88,496 shares in the last quarter. Eukles Asset Management grew its stake in shares of Progressive by 8.8% in the 1st quarter. Eukles Asset Management now owns 19,837 shares of the insurance provider's stock valued at $5,614,000 after buying an additional 1,610 shares in the last quarter. Finally, Capital Investment Advisory Services LLC grew its stake in shares of Progressive by 1.6% in the 1st quarter. Capital Investment Advisory Services LLC now owns 3,308 shares of the insurance provider's stock valued at $936,000 after buying an additional 51 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PGR. JPMorgan Chase & Co. raised their price target on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a report on Tuesday, April 8th. Barclays raised their price target on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a report on Friday, April 11th. BMO Capital Markets raised their price target on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the company an "overweight" rating in a report on Monday, May 19th. Finally, UBS Group raised their price target on shares of Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $288.88.

Insiders Place Their Bets

In related news, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the sale, the director owned 12,429 shares of the company's stock, valued at $3,451,160.43. The trade was a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the sale, the director directly owned 12,217 shares in the company, valued at approximately $3,181,673.31. The trade was a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,705 shares of company stock valued at $11,450,948 over the last 90 days. Company insiders own 0.33% of the company's stock.

Progressive Stock Performance

Shares of NYSE:PGR traded up $2.50 on Friday, hitting $260.30. 2,685,585 shares of the company were exchanged, compared to its average volume of 2,780,105. The company's 50 day moving average price is $274.28 and its two-hundred day moving average price is $265.62. The Progressive Corporation has a one year low of $207.50 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market capitalization of $152.59 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 1.61 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The company had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be paid a $0.10 dividend. The ex-dividend date is Thursday, July 3rd. This represents a yield of 0.15%. Progressive's payout ratio is currently 2.70%.

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.