The Progressive Corporation $PGR Shares Acquired by BankPlus Trust Department

Key Points

• BankPlus Trust Department increased its holdings in The Progressive Corporation by 6.4% in Q2, now owning 24,850 shares worth approximately $6.63 million, making Progressive its 6th largest holding.
• Insider selling was noted with CFO John P. Sauerland selling 16,664 shares, representing a 6.81% decrease in his position, and total insider sales in the last quarter reaching $31.99 million.
• A recent analysis showed that seven analysts have rated Progressive with a Buy rating, while twelve have issued Hold ratings, with a consensus price target of $279.63.

BankPlus Trust Department raised its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 6.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 24,850 shares of the insurance provider's stock after purchasing an additional 1,490 shares during the quarter. Progressive makes up approximately 2.0% of BankPlus Trust Department's investment portfolio, making the stock its 6th largest holding. BankPlus Trust Department's holdings in Progressive were worth $6,631,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Integrated Advisors Network LLC increased its position in Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after purchasing an additional 36 shares during the period. Rise Advisors LLC boosted its holdings in shares of Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after buying an additional 36 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its holdings in shares of Progressive by 2.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock worth $545,000 after buying an additional 39 shares in the last quarter. True North Advisors LLC boosted its holdings in shares of Progressive by 4.0% during the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider's stock worth $299,000 after buying an additional 41 shares in the last quarter. Finally, GenTrust LLC boosted its holdings in shares of Progressive by 3.5% during the 1st quarter. GenTrust LLC now owns 1,234 shares of the insurance provider's stock worth $349,000 after buying an additional 42 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 16,664 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 $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares of the company's stock, valued at $56,832,701.76. This trade represents a 6.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the firm's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares of the company's stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 130,045 shares of company stock worth $31,997,390. 0.33% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Barclays cut their price target on Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Wolfe Research assumed coverage on Progressive in a report on Monday, September 15th. They set a "peer perform" rating on the stock. BMO Capital Markets set a $252.00 price target on Progressive in a report on Thursday, September 18th. Finally, Keefe, Bruyette & Woods increased their target price on Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday, September 18th. Seven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $279.63.

Progressive Price Performance

Shares of NYSE:PGR opened at $243.77 on Wednesday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The stock's fifty day simple moving average is $245.18 and its two-hundred day simple moving average is $260.32. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The stock has a market cap of $142.90 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.34 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same period last year, the business earned $2.48 EPS. The business's revenue was up 12.1% on a year-over-year basis. As a group, analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal 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. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is 2.25%.

Progressive Company Profile

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.

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