Trust Co. of Oklahoma Purchases Shares of 1,646 The Progressive Corporation $PGR

Key Points

• Trust Co. of Oklahoma acquired 1,646 shares of The Progressive Corporation (NYSE:PGR), amounting to an investment of approximately $439,000.
• The Progressive Corporation recently declared a quarterly dividend of $0.10 per share, with an ex-dividend date set for October 2nd.
• Insider trading activity includes sales amounting to $34.5 million over the last 90 days, indicating a shift in ownership among corporate insiders.

Trust Co. of Oklahoma purchased a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,646 shares of the insurance provider's stock, valued at approximately $439,000.

Several other institutional investors and hedge funds have also modified their holdings of PGR. State of Alaska Department of Revenue lifted its holdings in Progressive by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after acquiring an additional 1,800 shares during the period. Belmont Capital LLC purchased a new position in shares of Progressive during the 1st quarter valued at approximately $580,000. QRG Capital Management Inc. lifted its stake in shares of Progressive by 36.4% in the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock valued at $35,893,000 after purchasing an additional 33,864 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in Progressive by 498.5% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after buying an additional 4,212 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new stake in Progressive during the first quarter valued at $3,141,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,345 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $337,299.10. Following the completion of the sale, the insider owned 31,733 shares of the company's stock, valued at approximately $7,958,001.74. This trade represents a 4.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lori A. Niederst sold 8,063 shares of the business'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 directly owned 39,040 shares in the company, valued at $9,767,027.20. This trade represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 139,010 shares of company stock worth $34,547,699 in the last 90 days. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Performance

Shares of NYSE:PGR opened at $248.29 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The firm has a market capitalization of $145.55 billion, a PE ratio of 13.99, a P/E/G ratio of 1.44 and a beta of 0.32. The business's 50 day moving average price is $246.44 and its 200-day moving average price is $264.68.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS 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 firm had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the prior year, the company earned $2.48 EPS. The firm's revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's dividend payout ratio is currently 2.25%.

Analyst Ratings Changes

A number of research analysts have weighed in on PGR shares. UBS Group decreased their price objective on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Cantor Fitzgerald raised Progressive to a "hold" rating in a report on Wednesday, August 13th. Morgan Stanley increased their price target on Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research report on Friday, August 22nd. Citigroup restated a "buy" rating on shares of Progressive in a research report on Friday, August 29th. Finally, Bank of America lifted their price target on shares of Progressive from $344.00 to $347.00 and gave the company a "buy" rating in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $284.82.

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.

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