The Progressive Co. (NYSE:PGR) Shares Sold by Avalon Trust Co

Avalon Trust Co decreased its position in shares of The Progressive Co. (NYSE:PGR) by 1.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 176,263 shares of the insurance provider’s stock after selling 3,085 shares during the quarter. Progressive accounts for approximately 2.6% of Avalon Trust Co’s portfolio, making the stock its 10th largest holding. Avalon Trust Co’s holdings in Progressive were worth $28,075,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PGR. Valley National Advisers Inc. grew its holdings in Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 112 shares during the period. Pinnacle Bancorp Inc. acquired a new position in Progressive during the fourth quarter worth $39,000. Criterion Capital Advisors LLC purchased a new position in Progressive during the fourth quarter valued at $47,000. BOK Financial Private Wealth Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at about $48,000. Finally, Webster Bank N. A. purchased a new stake in shares of Progressive during the fourth quarter worth about $53,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PGR. Wells Fargo & Company raised their price objective on Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Bank of America reduced their target price on shares of Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a research note on Wednesday, April 17th. Piper Sandler reissued an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. Jefferies Financial Group boosted their price objective on shares of Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a report on Monday, April 15th. Finally, The Goldman Sachs Group increased their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research note on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $211.88.

Insider Buying and Selling

In other Progressive news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the sale, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Progressive news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,139 shares of company stock worth $7,458,139. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.1 %

NYSE:PGR traded down $0.31 during midday trading on Friday, reaching $208.72. The company had a trading volume of 2,150,779 shares, compared to its average volume of 2,992,636. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $216.21. The firm has a market capitalization of $122.25 billion, a price-to-earnings ratio of 21.36, a PEG ratio of 0.82 and a beta of 0.34. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The stock’s fifty day simple moving average is $204.30 and its 200-day simple moving average is $179.61.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter last year, the business posted $0.65 EPS. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. On average, sell-side analysts anticipate that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

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.