Whittier Trust Co. Purchases 3,814 Shares of The Progressive Corporation $PGR

Key Points

• Whittier Trust Co. increased its holdings in The Progressive Corporation by 9.0% in Q2, acquiring an additional 3,814 shares, bringing its total to 46,234 shares, valued at approximately $12.34 million.
• The Progressive Corporation reported $4.45 EPS for its most recent quarter, missing estimates of $5.04, with quarterly revenue of $21.38 billion compared to expectations of $21.64 billion.
• Progressive's stock prices show a 52-week range between $217.20 and $292.99, with current trading around $221.72 and a market capitalization of $129.97 billion.

Whittier Trust Co. increased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 9.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 46,234 shares of the insurance provider's stock after acquiring an additional 3,814 shares during the period. Whittier Trust Co.'s holdings in Progressive were worth $12,337,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PGR. Nuveen LLC bought a new stake in shares of Progressive in the first quarter worth $1,473,180,000. GQG Partners LLC grew its holdings in shares of Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares during the period. C WorldWide Group Holding A S grew its holdings in shares of Progressive by 12,110.3% in the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider's stock worth $353,374,000 after acquiring an additional 1,238,402 shares during the period. Alliancebernstein L.P. grew its holdings in shares of Progressive by 15.2% in the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider's stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares during the period. Finally, Axiom Investors LLC DE bought a new stake in shares of Progressive in the first quarter worth $194,557,000. Institutional investors own 85.34% of the company's stock.

Progressive Price Performance

Shares of Progressive stock opened at $221.72 on Wednesday. The stock's 50-day simple moving average is $242.81 and its 200-day simple moving average is $257.18. The Progressive Corporation has a 52 week low of $217.20 and a 52 week high of $292.99. The company has a market capitalization of $129.97 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 1.24 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion during the quarter, compared to analysts' expectations of $21.64 billion. During the same quarter in the previous year, the firm earned $3.58 earnings per share. As a group, analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 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 was Thursday, October 2nd. Progressive's payout ratio is presently 2.19%.

Wall Street Analyst Weigh In

Several analysts recently commented on PGR shares. Evercore ISI cut their price objective on Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a report on Wednesday, October 1st. Barclays cut their price target on Progressive from $271.00 to $257.00 and set an "equal weight" rating for the company in a report on Monday. Keefe, Bruyette & Woods cut their price target on Progressive from $270.00 to $262.00 and set a "market perform" rating for the company in a report on Thursday, October 16th. Morgan Stanley set a $214.00 price target on Progressive and gave the company an "underweight" rating in a report on Monday. Finally, JPMorgan Chase & Co. boosted their price target on Progressive from $301.00 to $303.00 and gave the company an "overweight" rating in a report on Thursday, October 9th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Progressive has an average rating of "Hold" and a consensus target price of $270.40.

Insiders Place Their Bets

In other news, insider Lori A. Niederst sold 8,063 shares of the business's stock in a transaction dated 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. The trade was a 17.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karen Bailo sold 8,922 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the sale, the insider owned 32,346 shares in the company, valued at $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,778 shares of company stock valued at $31,683,756. Insiders own 0.33% of the company's stock.

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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