The Progressive Corporation $PGR Shares Sold by First Hawaiian Bank

Key Points

• First Hawaiian Bank has decreased its holdings in The Progressive Corporation by 9.6%, now owning 14,257 shares valued at approximately $4.04 million after selling 1,512 shares in the first quarter.
• Progressive reported EPS of $4.88 for the last quarter, exceeding analysts' estimates by $0.45, alongside a revenue of $20.08 billion.
• The company will pay a quarterly dividend of $0.10 on October 10th, reflecting a 0.2% yield and an annualized payout of $0.40.

First Hawaiian Bank reduced its position in The Progressive Corporation (NYSE:PGR - Free Report) by 9.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,257 shares of the insurance provider's stock after selling 1,512 shares during the quarter. First Hawaiian Bank's holdings in Progressive were worth $4,035,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PGR. Integrated Advisors Network LLC boosted its stake in shares of Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after purchasing an additional 36 shares during the period. Rise Advisors LLC boosted its stake in shares of Progressive by 7.4% in the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock valued at $147,000 after purchasing an additional 36 shares during the period. Pines Wealth Management LLC boosted its stake in shares of Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after purchasing an additional 37 shares during the period. Contravisory Investment Management Inc. boosted its stake in shares of Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after purchasing an additional 38 shares during the period. Finally, Beacon Financial Group boosted its stake in shares of Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after purchasing an additional 39 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 0.2%

PGR stock traded down $0.44 during trading on Tuesday, hitting $245.21. 1,896,098 shares of the company's stock were exchanged, compared to its average volume of 3,168,916. The business has a 50-day moving average price of $246.28 and a two-hundred day moving average price of $264.32. The stock has a market capitalization of $143.74 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 1.44 and a beta of 0.32. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.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 previous year, the business earned $2.48 earnings per share. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is 2.25%.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares of the company's stock, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total value of $556,230.04. Following the completion of the sale, the insider directly owned 45,724 shares in the company, valued at $11,466,664.72. This trade represents a 4.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 139,010 shares of company stock valued at $34,547,699 in the last three months. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of Progressive from $330.00 to $327.00 and set an "overweight" rating for the company in a research note on Thursday, August 21st. Wolfe Research initiated coverage on Progressive in a research report on Monday. They set a "peer perform" rating for the company. Bank of America boosted their price objective on Progressive from $344.00 to $347.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. BMO Capital Markets lowered their price objective on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a research report on Thursday, August 21st. Finally, Wall Street Zen raised Progressive from a "hold" rating to a "buy" rating in a research report on Saturday. Nine analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $284.82.

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.