The Progressive Corporation $PGR Shares Acquired by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group increased its stake in Progressive by 3.1% in the first quarter, adding 9,470 shares to bring its total to 317,853 shares valued at about $63.0 million.
• Progressive’s stock was trading around $207.06, near its 50-day and 200-day moving averages, with a market cap of roughly $121 billion and a low beta of 0.26.
• The company recently paid a quarterly dividend of $0.10 per share, while analysts currently rate the stock a consensus "Hold" with an average price target of $236.11.

PNC Financial Services Group Inc. increased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 3.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 317,853 shares of the insurance provider's stock after buying an additional 9,470 shares during the period. PNC Financial Services Group Inc. owned about 0.05% of Progressive worth $63,011,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Oslo Pensjonsforsikring AS acquired a new position in shares of Progressive in the 1st quarter worth approximately $462,000. Summit Asset Management LLC raised its position in shares of Progressive by 1.6% during the 1st quarter. Summit Asset Management LLC now owns 5,947 shares of the insurance provider's stock valued at $1,179,000 after acquiring an additional 94 shares in the last quarter. Bulldog Investors LLP raised its position in shares of Progressive by 37.5% during the 1st quarter. Bulldog Investors LLP now owns 11,000 shares of the insurance provider's stock valued at $2,181,000 after acquiring an additional 3,000 shares in the last quarter. Glenview Trust Co lifted its position in shares of Progressive by 4.1% in the 1st quarter. Glenview Trust Co now owns 19,291 shares of the insurance provider's stock worth $3,824,000 after buying an additional 756 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new stake in shares of Progressive during the 1st quarter valued at about $90,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Trading Up 1.2%

Progressive stock opened at $207.06 on Friday. The business has a 50 day moving average price of $209.60 and a two-hundred day moving average price of $205.86. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The stock has a market cap of $120.99 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 2.75 and a beta of 0.26.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's payout ratio is 2.01%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PGR. HSBC boosted their price objective on Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a research report on Monday, July 6th. Mizuho increased their price target on Progressive from $217.00 to $243.00 and gave the stock a "neutral" rating in a research note on Thursday, July 9th. Evercore set a $240.00 price target on Progressive in a report on Friday, July 10th. Morgan Stanley upgraded shares of Progressive from an "underweight" rating to an "equal weight" rating and set a $210.00 price objective on the stock in a research note on Friday. Finally, Bank of America dropped their price target on shares of Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a research report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $236.11.

Insider Buying and Selling

In related news, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,157 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total value of $236,907.32. Following the transaction, the insider owned 27,511 shares in the company, valued at $5,633,152.36. The trade was a 4.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 15,230 shares of company stock worth $3,165,817. Insiders own 0.32% of the company's stock.

Progressive 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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