The Progressive Corporation $PGR Stock Holdings Reduced by Peoples Bank OH

Peoples Bank OH lowered its position in The Progressive Corporation (NYSE:PGR) by 13.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 804 shares of the insurance provider’s stock after selling 127 shares during the quarter. Peoples Bank OH’s holdings in Progressive were worth $215,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Nuveen LLC purchased a new position in Progressive in the first quarter valued at about $1,473,180,000. GQG Partners LLC grew its stake in Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares in the last quarter. C WorldWide Group Holding A S boosted its stake in shares of Progressive by 12,110.3% during the 1st 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 in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Progressive by 15.2% during the 1st 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 in the last quarter. Finally, Axiom Investors LLC DE bought a new stake in shares of Progressive during the 1st quarter worth about $194,557,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the company’s stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the transaction, the chief financial officer owned 228,024 shares of the company’s stock, valued at $56,832,701.76. This represents a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Karen Bailo sold 8,922 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $8,061,917.04. The trade was a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Up 1.1%

Progressive stock opened at $246.10 on Friday. The business has a 50 day moving average price of $245.14 and a two-hundred day moving average price of $260.84. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The stock has a market cap of $144.27 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.48 EPS. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is 2.25%.

Wall Street Analyst Weigh In

PGR has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upped their price target on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research note on Thursday, September 18th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research note on Wednesday, August 13th. Wolfe Research initiated coverage on Progressive in a research note on Monday, September 15th. They set a “peer perform” rating for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Progressive in a research note on Saturday, September 27th. Finally, Evercore ISI decreased their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday. Seven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $279.63.

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.