Sabal Trust CO Has $1.98 Million Stake in The Progressive Corporation (NYSE:PGR)

Sabal Trust CO cut its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 50.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,010 shares of the insurance provider's stock after selling 7,169 shares during the quarter. Sabal Trust CO's holdings in Progressive were worth $1,984,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PGR. Integrated Advisors Network LLC grew its position in 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 acquiring an additional 36 shares during the last quarter. Pines Wealth Management LLC grew its position in 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 acquiring an additional 37 shares during the last quarter. Contravisory Investment Management Inc. grew its position in 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 acquiring an additional 38 shares during the last quarter. Beacon Financial Group grew its position in 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 acquiring an additional 39 shares during the last quarter. Finally, Kesler Norman & Wride LLC grew its position in Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after acquiring an additional 40 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,267 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total value of $351,985.27. Following the transaction, the insider now directly owns 28,888 shares of the company's stock, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider now directly owns 41,289 shares in the company, valued at approximately $10,750,829.82. This trade represents a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,705 shares of company stock valued at $8,813,048 over the last ninety days. 0.34% of the stock is owned by company insiders.

Progressive Trading Up 0.9%

Shares of Progressive stock traded up $2.23 during midday trading on Friday, reaching $263.85. The company had a trading volume of 12,464,473 shares, compared to its average volume of 2,762,402. The stock has a fifty day moving average price of $274.46 and a 200 day moving average price of $264.76. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $154.68 billion, a PE ratio of 17.79, a P/E/G ratio of 1.61 and a beta of 0.40. The Progressive Corporation has a fifty-two week low of $207.48 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. On average, equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PGR shares. Morgan Stanley set a $330.00 target price on Progressive and gave the company an "overweight" rating in a research report on Monday, May 19th. Wells Fargo & Company lifted their target price on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $288.00 price target on shares of Progressive in a report on Thursday, April 17th. Jefferies Financial Group reduced their price target on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, Barclays boosted their price target on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a report on Friday, April 11th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $288.88.

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.