First National Trust Co Has $6.83 Million Stake in The Progressive Corporation (NYSE:PGR)

First National Trust Co lifted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 21.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,140 shares of the insurance provider's stock after acquiring an additional 4,190 shares during the quarter. First National Trust Co's holdings in Progressive were worth $6,832,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PGR. State of Alaska Department of Revenue grew its stake in Progressive by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after acquiring an additional 1,800 shares during the period. QRG Capital Management Inc. grew its stake in Progressive by 36.4% in the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock valued at $35,893,000 after acquiring an additional 33,864 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its stake in Progressive by 498.5% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock valued at $1,431,000 after acquiring an additional 4,212 shares during the period. Hennessy Advisors Inc. acquired a new position in shares of Progressive during the first quarter worth about $3,141,000. Finally, TCW Group Inc. boosted its position in shares of Progressive by 4.5% during the first quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider's stock worth $3,406,000 after buying an additional 523 shares during the period. Institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the subject of several recent research reports. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. upped their price objective on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research report on Thursday, July 17th. Wells Fargo & Company upped their price objective on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, BMO Capital Markets reduced their price objective on Progressive from $288.00 to $281.00 and set an "outperform" rating for the company in a research report on Friday, July 18th. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $286.88.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 3,191 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $795,324.84. Following the sale, the insider owned 37,977 shares of the company's stock, valued at approximately $9,465,387.48. This trade represents a 7.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $552,814.32. Following the completion of the sale, the insider directly owned 47,942 shares in the company, valued at approximately $11,949,064.08. This represents a 4.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 104,250 shares of company stock valued at $26,332,348 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

NYSE:PGR traded down $1.06 on Friday, hitting $240.98. The company's stock had a trading volume of 3,201,172 shares, compared to its average volume of 3,286,200. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average of $260.94 and a two-hundred day moving average of $266.01. The Progressive Corporation has a one year low of $208.13 and a one year high of $292.99. The firm has a market capitalization of $141.27 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 1.45 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS 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 firm had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period in the prior year, the firm posted $2.48 EPS. The company's revenue for the quarter was up 12.1% on a year-over-year basis. Research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 15.0%. Progressive's dividend payout ratio is currently 2.25%.

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.