CNB Bank Decreases Stock Position in The Progressive Corporation (NYSE:PGR)

CNB Bank cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 13.7% in the 1st quarter, HoldingsChannel reports. The fund owned 3,784 shares of the insurance provider’s stock after selling 603 shares during the quarter. CNB Bank’s holdings in Progressive were worth $1,071,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock valued at $12,795,262,000 after purchasing an additional 583,376 shares during the period. Geode Capital Management LLC raised its holdings in Progressive by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider’s stock valued at $3,498,363,000 after buying an additional 189,638 shares during the last quarter. Norges Bank purchased a new stake in Progressive during the 4th quarter valued at $1,843,045,000. Northern Trust Corp grew its holdings in Progressive by 13.0% in the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider’s stock worth $1,480,677,000 after acquiring an additional 710,684 shares during the last quarter. Finally, Capital Research Global Investors increased its position in shares of Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock valued at $1,451,602,000 after acquiring an additional 1,547,677 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 0.8%

NYSE:PGR opened at $261.80 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm’s 50-day moving average price is $274.49 and its 200-day moving average price is $264.65. The company has a market capitalization of $153.47 billion, a PE ratio of 17.65, a P/E/G ratio of 1.60 and a beta of 0.40. The Progressive Corporation has a 1-year low of $207.48 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The business had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. On average, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. BMO Capital Markets increased their price objective on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a report on Thursday, April 17th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $288.00 target price on shares of Progressive in a research note on Thursday, April 17th. UBS Group raised their price target on Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. Finally, Jefferies Financial Group cut their price target on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $288.88.

Insider Transactions at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the business’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the sale, the director now directly owns 12,429 shares of the company’s stock, valued at approximately $3,451,160.43. The trade was a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $329,901.46. Following the transaction, the insider now owns 27,621 shares of the company’s stock, valued at $7,191,955.98. The trade was a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,705 shares of company stock valued at $8,813,048 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

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.