Orrstown Financial Services Inc. Has $677,000 Stake in The Progressive Corporation $PGR

Orrstown Financial Services Inc. boosted its stake in The Progressive Corporation (NYSE:PGR) by 10.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,537 shares of the insurance provider’s stock after purchasing an additional 233 shares during the period. Orrstown Financial Services Inc.’s holdings in Progressive were worth $677,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Integrated Advisors Network LLC increased its stake in shares of Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after buying an additional 36 shares during the period. Rise Advisors LLC increased its position in Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after purchasing an additional 36 shares during the period. Pines Wealth Management LLC increased its position in Progressive by 3.0% during the 1st 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 period. Contravisory Investment Management Inc. increased its position in shares of Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock worth $549,000 after buying an additional 38 shares during the period. Finally, Beacon Financial Group increased its position in shares of Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock worth $1,036,000 after buying an additional 39 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

PGR opened at $242.26 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 company has a market capitalization of $142.02 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 1.38 and a beta of 0.32. The firm’s fifty day moving average price is $245.83 and its two-hundred day moving average price is $263.34. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. During the same period in the previous year, the company earned $2.48 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s payout ratio is presently 2.25%.

Analysts Set New Price Targets

PGR has been the subject of a number of recent analyst reports. UBS Group decreased their price target on Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a report on Monday, July 21st. Jefferies Financial Group decreased their target price on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a research note on Monday, August 11th. Cantor Fitzgerald raised Progressive to a “hold” rating in a research note on Wednesday, August 13th. Citigroup reaffirmed a “buy” rating on shares of Progressive in a research note on Friday, August 29th. Finally, Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday. Six investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $279.44.

Insiders Place Their Bets

In other Progressive news, 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 owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karen Bailo sold 8,922 shares of the business’s stock in a transaction on 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 transaction, the insider directly owned 32,346 shares in the company, valued at approximately $8,061,917.04. This represents a 21.62% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 130,062 shares of company stock valued at $32,217,635. 0.34% of the stock is currently owned by insiders.

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.