Legacy Private Trust Co. Has $1.45 Million Position in The Progressive Corporation $PGR

Key Points

• Legacy Private Trust Co. increased its stake in The Progressive Corporation by 26.8% during Q2, holding a total of 5,429 shares valued at approximately $1.45 million.
• Progressive's recent earnings report showed an earnings per share (EPS) of $4.88, exceeding estimates, while revenue was reported at $20.08 billion, slightly below analyst expectations.
• The company announced a quarterly dividend of $0.10 per share, to be paid on October 10th, representing an annualized dividend yield of 0.2%.

Legacy Private Trust Co. increased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 26.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,429 shares of the insurance provider's stock after acquiring an additional 1,146 shares during the quarter. Legacy Private Trust Co.'s holdings in Progressive were worth $1,449,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PGR. Brighton Jones LLC lifted its stake in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new stake in shares of Progressive in the fourth quarter worth about $269,000. Highview Capital Management LLC DE boosted its position in shares of Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after buying an additional 339 shares during the period. Bison Wealth LLC boosted its position in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after buying an additional 80 shares during the period. Finally, Stonebrook Private Inc. boosted its position in shares of Progressive by 7.5% during the fourth quarter. Stonebrook Private Inc. now owns 1,148 shares of the insurance provider's stock worth $275,000 after buying an additional 80 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Analyst Ratings Changes

PGR has been the subject of several recent research reports. Wall Street Zen raised Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. UBS Group reduced their price objective on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Jefferies Financial Group reduced their price target on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Morgan Stanley increased their price target on Progressive from $265.00 to $267.00 and gave the company an "equal weight" rating in a research report on Friday, August 22nd. Finally, Bank of America reduced their price target on Progressive from $347.00 to $343.00 and set a "buy" rating for the company in a research report on Thursday. Six research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, Progressive currently has a consensus rating of "Hold" and a consensus price target of $279.44.

Insider Activity

In other Progressive news, insider Karen Bailo sold 8,922 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 transaction of $2,223,719.28. Following the transaction, the insider owned 32,346 shares in the company, valued at $8,061,917.04. This trade represents a 21.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the transaction, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 130,062 shares of company stock worth $32,217,635. 0.34% of the stock is currently owned by insiders.

Progressive Stock Performance

Shares of NYSE PGR traded up $0.26 during trading hours on Friday, reaching $242.26. 4,778,275 shares of the stock were exchanged, compared to its average volume of 2,433,152. The firm has a market capitalization of $142.02 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 1.37 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The stock's fifty day simple moving average is $245.83 and its 200 day simple moving average is $263.47.

Progressive (NYSE:PGR - Get Free Report) last announced its 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. The company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm's quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.48 earnings per share. Sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid 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 2nd. Progressive's dividend payout ratio (DPR) is 2.25%.

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.