Central Pacific Bank Trust Division Has $5.70 Million Holdings in The Progressive Corporation $PGR

Key Points

• Central Pacific Bank Trust Division reduced its stake in The Progressive Corporation by 18.5%, owning 21,345 shares valued at approximately $5.7 million, ranking as their 20th largest position.
• Vanguard Group Inc. and several other institutional investors increased their holdings in Progressive, with Vanguard now owning over 54 million shares, indicating a strong institutional interest as they collectively own 85.34% of the company's stock.
• Progressive's shares opened at $248.29 with analysts rating the stock as a "Moderate Buy" and a consensus target price of $284.82, reflecting positive outlook among equity research analysts.

Central Pacific Bank Trust Division trimmed its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 18.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,345 shares of the insurance provider's stock after selling 4,851 shares during the period. Progressive makes up 0.7% of Central Pacific Bank Trust Division's portfolio, making the stock its 20th biggest position. Central Pacific Bank Trust Division's holdings in Progressive were worth $5,696,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC boosted its holdings in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC lifted its position in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares during the last quarter. HWG Holdings LP bought a new stake in Progressive in the 1st quarter valued at about $28,000. Garde Capital Inc. bought a new stake in Progressive in the 1st quarter valued at about $33,000. Finally, Ransom Advisory Ltd bought a new stake in Progressive in the 1st quarter valued at about $35,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PGR has been the topic of several recent research reports. Barclays cut their price objective on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a research report on Tuesday, August 19th. Jefferies Financial Group dropped their target price on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a report on Monday, August 11th. Wells Fargo & Company dropped their target price on shares of Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a report on Thursday, August 21st. Wolfe Research began coverage on shares of Progressive in a report on Monday. They issued a "peer perform" rating on the stock. Finally, Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a report on Thursday, July 17th. Nine investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $284.82.

Progressive Stock Performance

Progressive stock traded down $2.83 during trading hours on Monday, hitting $245.45. The stock had a trading volume of 2,944,284 shares, compared to its average volume of 2,367,657. The company has a 50-day moving average of $246.28 and a two-hundred day moving average of $264.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a market cap of $143.88 billion, a PE ratio of 13.83, a price-to-earnings-growth ratio of 1.44 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter in the prior year, the company posted $2.48 EPS. The business's revenue was up 12.1% on a year-over-year basis. On average, equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.25%.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the sale, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, the insider owned 39,040 shares of the company's stock, valued at $9,767,027.20. This trade represents a 17.12% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 139,010 shares of company stock worth $34,547,699. Insiders own 0.33% of the company's stock.

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.