The Progressive Corporation $PGR Shares Purchased by First National Bank of Mount Dora Trust Investment Services

Key Points

• First National Bank of Mount Dora Trust Investment Services increased its Progressive holdings by 42% in the first quarter, bringing its position to 36,751 shares worth approximately $7.29 million. Institutional investors and hedge funds collectively own 85.34% of the insurer.
• Progressive insiders have sold 74,885 shares valued at roughly $15.88 million over the past three months, including recent sales by the CFO and CIO under pre-arranged Rule 10b5-1 plans.
• Progressive shares opened at $211.50, while analysts maintain a consensus “Hold” rating and an average price target of $236.11. The company recently paid a quarterly dividend of $0.10 per share, equal to a 0.2% yield.

First National Bank of Mount Dora Trust Investment Services boosted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 42.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,751 shares of the insurance provider's stock after acquiring an additional 10,879 shares during the period. Progressive comprises about 1.6% of First National Bank of Mount Dora Trust Investment Services' investment portfolio, making the stock its 25th biggest holding. First National Bank of Mount Dora Trust Investment Services' holdings in Progressive were worth $7,286,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bogart Wealth LLC boosted its position in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after purchasing an additional 87 shares during the period. Bard Associates Inc. acquired a new stake in Progressive in the fourth quarter worth $27,000. HHM Wealth Advisors LLC lifted its stake in Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock valued at $29,000 after buying an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new stake in Progressive in the fourth quarter valued at $29,000. Finally, Axiom Investment Management LLC acquired a new position in shares of Progressive during the first quarter valued at $31,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In related news, CFO Andrew J. Quigg sold 3,499 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the sale, the chief financial officer owned 42,595 shares in the company, valued at approximately $9,370,900. This represents a 7.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CIO Jonathan S. Bauer sold 2,242 shares of the firm's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the completion of the transaction, the executive directly owned 26,250 shares of the company's stock, valued at $5,583,637.50. This represents a 7.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 74,885 shares of company stock valued at $15,880,459 over the last three months. 0.32% of the stock is owned by insiders.

Progressive Price Performance

NYSE PGR opened at $211.50 on Monday. The business's fifty day moving average is $211.33 and its two-hundred day moving average is $205.97. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The stock has a market capitalization of $123.59 billion, a P/E ratio of 10.61, a P/E/G ratio of 2.86 and a beta of 0.27. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. restated a "neutral" rating and set a $250.00 price target on shares of Progressive in a research report on Tuesday, July 14th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research note on Friday, May 22nd. Keefe, Bruyette & Woods decreased their target price on shares of Progressive from $231.00 to $226.00 and set a "market perform" rating for the company in a research report on Thursday, July 16th. BMO Capital Markets dropped their price target on shares of Progressive from $220.00 to $205.00 and set a "market perform" rating on the stock in a research note on Thursday, July 16th. Finally, William Blair reaffirmed a "market perform" rating on shares of Progressive in a report on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $236.11.

Progressive Company 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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