Glenview Trust Co Invests $4.44 Million in The Progressive Corporation $PGR

Key Points

• Glenview Trust Co. acquired a new $4.44 million position in Progressive during the second quarter, while institutional investors collectively own 85.34% of the insurer’s shares.
• Progressive reported stronger-than-expected quarterly results, with EPS of $5.67 versus the $4.64 consensus and revenue of $23.61 billion, up 5% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $236.26; meanwhile, insiders sold about $17.7 million of stock over the past three months.

Glenview Trust Co acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 20,306 shares of the insurance provider's stock, valued at approximately $4,436,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive during the fourth quarter worth $269,000. Bison Wealth LLC grew its position in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after purchasing an additional 80 shares in the last quarter. HUB Investment Partners LLC grew its position in Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock valued at $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC increased its stake in Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock valued at $3,681,000 after buying an additional 1,622 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 37,338 shares of the business's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the transaction, the chief executive officer owned 522,776 shares of the company's stock, valued at $111,199,682.96. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the company's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at $6,880,743.08. This represents a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 83,449 shares of company stock valued at $17,685,203 in the last three months. Corporate insiders own 0.32% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on PGR shares. Keefe, Bruyette & Woods raised shares of Progressive from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $226.00 to $250.00 in a research report on Thursday, August 20th. Morgan Stanley upgraded Progressive from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $190.00 to $210.00 in a report on Friday, July 24th. BMO Capital Markets reaffirmed a "market perform" rating on shares of Progressive in a research report on Wednesday, August 19th. Cantor Fitzgerald dropped their target price on Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a report on Monday, August 17th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Progressive in a research report on Monday, August 3rd. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of "Hold" and a consensus target price of $236.26.

Progressive Stock Performance

NYSE PGR opened at $217.51 on Friday. The firm has a market capitalization of $126.45 billion, a P/E ratio of 10.91, a price-to-earnings-growth ratio of 2.96 and a beta of 0.27. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm's fifty day moving average price is $216.90 and its two-hundred day moving average price is $207.15. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $249.83.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company's quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the firm posted $5.40 EPS. As a group, research analysts anticipate that The Progressive Corporation will post 17.74 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.01%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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