Haverford Trust Co Acquires Shares of 5,220 The Progressive Corporation $PGR

Key Points

• Haverford Trust acquired 5,220 Progressive shares valued at approximately $1.14 million in the second quarter. Institutional investors and hedge funds collectively own 85.34% of Progressive’s outstanding stock.
• Progressive reported quarterly earnings of $5.67 per share, exceeding estimates of $4.64, while revenue reached $23.61 billion and increased 5% year over year.
• Progressive shares opened at $219.45, below their 52-week high of $252.82. Analysts maintain a consensus “Hold” rating with an average price target of $236.05, while the company declared a quarterly dividend of $0.10 per share.

Haverford Trust Co acquired a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,220 shares of the insurance provider's stock, valued at approximately $1,140,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. S&G Foundation acquired a new stake in shares of Progressive in the 2nd quarter worth about $18,830,000. Davis Asset Management L.P. acquired a new position in Progressive during the 2nd quarter valued at about $110,210,000. First Nebraska Trust Co bought a new stake in Progressive during the 2nd quarter worth approximately $472,000. Bank of Nova Scotia bought a new stake in Progressive during the 2nd quarter worth approximately $76,260,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Progressive during the 2nd quarter worth approximately $4,363,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insiders Place Their Bets

In other Progressive news, insider Lori A. Niederst sold 7,339 shares of the business's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the transaction, the insider owned 42,567 shares of the company's stock, valued at approximately $8,908,847.43. The trade was a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the company's stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares of the company's stock, valued at $8,782,595.70. This trade represents a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 82,224 shares of company stock valued at $17,416,438. 0.32% of the stock is currently owned by insiders.

Progressive Trading Down 0.4%

NYSE:PGR opened at $219.45 on Friday. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $252.82. The firm has a 50-day moving average price of $215.53 and a two-hundred day moving average price of $206.64. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market cap of $127.58 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 2.94 and a beta of 0.27.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping analysts' consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company's revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.40 EPS. On average, equities analysts expect that The Progressive Corporation will post 17.71 earnings per share for the current fiscal 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. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive's dividend payout ratio (DPR) is 2.01%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent research reports. Morgan Stanley upgraded Progressive from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $190.00 to $210.00 in a report on Friday, July 24th. BMO Capital Markets reiterated a "market perform" rating on shares of Progressive in a report on Wednesday. Weiss Ratings reissued a "hold (c)" rating on shares of Progressive in a research report on Monday, August 3rd. Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. Finally, Bank of America cut their price objective on shares of Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a report on Thursday, July 16th. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $236.05.

Progressive Company 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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