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The Progressive Corporation (NYSE:PGR) Shares Sold by Avalon Trust Co

Progressive logo with Finance background

Key Points

  • Avalon Trust Co has decreased its holdings in The Progressive Corporation (NYSE:PGR) by 1.3%, retaining 114,415 shares valued at approximately $32 million.
  • Insider sales included 8,922 shares sold by Karen Bailo and 2,391 shares sold by CIO Jonathan S. Bauer, with both transactions indicating a notable decrease in their positions.
  • Progressive's recent earnings report showed $4.88 earnings per share, exceeding analysts' expectations, with a revenue of $20.08 billion for the quarter.
  • MarketBeat previews the top five stocks to own by September 1st.

Avalon Trust Co lowered its position in The Progressive Corporation (NYSE:PGR - Free Report) by 1.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 114,415 shares of the insurance provider's stock after selling 1,475 shares during the quarter. Progressive makes up about 2.6% of Avalon Trust Co's holdings, making the stock its 9th biggest holding. Avalon Trust Co's holdings in Progressive were worth $32,381,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC lifted its stake in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares during the last quarter. TruNorth Capital Management LLC lifted its position in shares of Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after buying an additional 63 shares during the last quarter. HWG Holdings LP purchased a new stake in shares of Progressive during the 1st quarter worth approximately $28,000. Minot DeBlois Advisors LLC purchased a new stake in shares of Progressive during the 4th quarter worth approximately $28,000. Finally, Garde Capital Inc. purchased a new stake in shares of Progressive during the 1st quarter worth approximately $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insiders Place Their Bets

In related news, insider Karen Bailo sold 8,922 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the sale, the insider directly owned 32,346 shares in the company, valued at $8,061,917.04. The trade was a 21.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 2,391 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $595,932.84. Following the completion of the sale, the executive owned 26,698 shares in the company, valued at $6,654,209.52. This represents a 8.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,250 shares of company stock worth $26,332,348. 0.34% of the stock is owned by company insiders.

Progressive Stock Performance

NYSE:PGR opened at $240.98 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a fifty-two week low of $208.13 and a fifty-two week high of $292.99. The stock has a market cap of $141.27 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 1.44 and a beta of 0.33. The firm's fifty day simple moving average is $260.21 and its 200-day simple moving average is $266.19.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same period in the prior year, the company posted $2.48 EPS. The business's revenue for the quarter was up 12.1% on a year-over-year basis. Analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PGR. Morgan Stanley reduced their price objective on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating for the company in a research report on Monday, July 14th. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research report on Thursday, July 17th. Bank of America reduced their price target on shares of Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research report on Thursday, July 17th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research report on Tuesday, April 8th. Finally, Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $286.88.

Check Out Our Latest Report on PGR

Progressive Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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