UMB Bank n.a. Sells 401 Shares of The Progressive Co. (NYSE:PGR)

UMB Bank n.a. lessened its holdings in shares of The Progressive Co. (NYSE:PGR) by 0.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 431,604 shares of the insurance provider’s stock after selling 401 shares during the period. Progressive makes up approximately 2.0% of UMB Bank n.a.’s portfolio, making the stock its 9th biggest holding. UMB Bank n.a. owned 0.07% of Progressive worth $122,148,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Orrstown Financial Services Inc. grew its holdings in Progressive by 4.2% in the first quarter. Orrstown Financial Services Inc. now owns 2,304 shares of the insurance provider’s stock valued at $652,000 after purchasing an additional 93 shares during the last quarter. Sivia Capital Partners LLC grew its holdings in Progressive by 5.7% in the first quarter. Sivia Capital Partners LLC now owns 1,727 shares of the insurance provider’s stock valued at $489,000 after purchasing an additional 93 shares during the last quarter. KFG Wealth Management LLC grew its holdings in Progressive by 6.2% in the first quarter. KFG Wealth Management LLC now owns 1,369 shares of the insurance provider’s stock valued at $387,000 after purchasing an additional 80 shares during the last quarter. Pines Wealth Management LLC grew its holdings in Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 37 shares during the last quarter. Finally, SeaCrest Wealth Management LLC acquired a new stake in Progressive in the first quarter valued at $204,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PGR shares. BMO Capital Markets upped their target price on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a report on Thursday, April 17th. UBS Group increased their price objective on Progressive from $285.00 to $291.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. JPMorgan Chase & Co. increased their price objective on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Roth Mkm increased their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Finally, Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $288.59.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the completion of the sale, the chief financial officer now owns 238,024 shares of the company’s stock, valued at approximately $65,544,668.88. This represents a 4.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,267 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the completion of the sale, the insider now directly owns 28,888 shares of the company’s stock, valued at $8,025,375.28. This trade represents a 4.20% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,755 shares of company stock valued at $10,367,074. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Down 0.4%

NYSE PGR opened at $279.19 on Friday. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The company has a 50-day moving average of $276.19 and a 200-day moving average of $264.49. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The company has a market cap of $163.67 billion, a P/E ratio of 19.39, a P/E/G ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 2.70%.

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.