First Hawaiian Bank Cuts Stake in The Progressive Co. (NYSE:PGR)

First Hawaiian Bank trimmed its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 9.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,257 shares of the insurance provider's stock after selling 1,512 shares during the period. First Hawaiian Bank's holdings in Progressive were worth $4,035,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Hager Investment Management Services LLC bought a new position in shares of Progressive during the fourth quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC lifted its position in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 41 shares in the last quarter. Minot DeBlois Advisors LLC bought a new position in shares of Progressive during the fourth quarter valued at about $28,000. Valley National Advisers Inc. lifted its position in shares of Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 120 shares in the last quarter. Finally, Atala Financial Inc bought a new position in shares of Progressive during the fourth quarter valued at about $32,000. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of the business's stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the transaction, the chief accounting officer now owns 655 shares of the company's stock, valued at approximately $180,891.35. The trade was a 35.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the sale, the chief financial officer now owns 248,024 shares of the company's stock, valued at approximately $66,616,766.16. The trade was a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,651 shares of company stock valued at $12,017,780. Corporate insiders own 0.33% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the company an "overweight" rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. UBS Group raised their price objective on shares of Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a report on Wednesday. Finally, Barclays raised their price objective on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a report on Friday, April 11th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Progressive has an average rating of "Moderate Buy" and an average price target of $288.59.

Progressive Stock Performance

Shares of PGR traded up $7.52 during trading hours on Friday, hitting $284.82. The company's stock had a trading volume of 5,075,017 shares, compared to its average volume of 2,656,429. The company has a market cap of $166.97 billion, a price-to-earnings ratio of 19.78, a PEG ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The business has a 50 day simple moving average of $275.72 and a two-hundred day simple moving average of $263.53. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Progressive's dividend payout ratio is currently 2.70%.

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.