Greenleaf Trust Has $3.03 Million Stock Holdings in The Progressive Corporation $PGR

Greenleaf Trust trimmed its position in The Progressive Corporation (NYSE:PGR) by 9.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 11,351 shares of the insurance provider’s stock after selling 1,134 shares during the period. Greenleaf Trust’s holdings in Progressive were worth $3,029,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Baron Silver Stevens Financial Advisors LLC acquired a new stake in shares of Progressive in the second quarter worth $306,000. State of Alaska Department of Revenue lifted its stake in shares of Progressive by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock worth $19,426,000 after buying an additional 1,800 shares during the last quarter. Trust Co. of Oklahoma acquired a new stake in shares of Progressive in the second quarter worth $439,000. Zurich Insurance Group Ltd FI lifted its stake in shares of Progressive by 87.9% in the first quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider’s stock worth $117,218,000 after buying an additional 193,800 shares during the last quarter. Finally, Belmont Capital LLC acquired a new stake in shares of Progressive in the first quarter worth $580,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares in the company, valued at $10,532,802.60. This represents a 4.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock worth $31,997,390 in the last three months. Company insiders own 0.33% of the company’s stock.

Progressive Trading Up 1.1%

Shares of Progressive stock opened at $247.02 on Wednesday. The firm has a market capitalization of $144.81 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. 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’s fifty day moving average price is $245.32 and its two-hundred day moving average price is $261.53. The Progressive Corporation has a 52-week low of $228.54 and a 52-week high of $292.99.

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

Progressive Announces Dividend

The company 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 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s payout ratio is currently 2.25%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Barclays dropped their target price on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 19th. Citigroup reaffirmed a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research report on Wednesday, August 13th. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Finally, Jefferies Financial Group dropped their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Six equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average price target of $279.75.

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.