Wilmington Savings Fund Society FSB Purchases 1,278 Shares of The Progressive Corporation $PGR

Wilmington Savings Fund Society FSB raised its holdings in The Progressive Corporation (NYSE:PGR) by 9.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 14,869 shares of the insurance provider’s stock after acquiring an additional 1,278 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Progressive were worth $3,968,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Rise Advisors LLC boosted its stake in Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after acquiring an additional 36 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC lifted its stake in shares of Progressive by 2.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock valued at $545,000 after buying an additional 39 shares in the last quarter. LRI Investments LLC raised its holdings in shares of Progressive by 13.4% in the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after purchasing an additional 40 shares during the last quarter. True North Advisors LLC raised its holdings in shares of Progressive by 4.0% in the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock valued at $299,000 after purchasing an additional 41 shares during the last quarter. Finally, GenTrust LLC raised its holdings in shares of Progressive by 3.5% in the first quarter. GenTrust LLC now owns 1,234 shares of the insurance provider’s stock valued at $349,000 after purchasing an additional 42 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PGR shares. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Wells Fargo & Company raised their price objective on shares of Progressive from $265.00 to $266.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $268.00 to $270.00 and gave the company a “market perform” rating in a research report on Thursday, September 18th. BMO Capital Markets set a $252.00 target price on shares of Progressive in a research report on Thursday, September 18th. Finally, Zacks Research downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Seven investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and an average price target of $279.63.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the sale, the chief executive officer directly owned 506,945 shares of the company’s stock, valued at approximately $122,741,523.40. This represents a 5.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Karen Bailo sold 8,922 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the sale, the insider directly owned 32,346 shares of the company’s stock, valued at approximately $8,061,917.04. This trade represents a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,045 shares of company stock worth $31,997,390. 0.33% of the stock is currently owned by corporate insiders.

Progressive Stock Performance

Shares of PGR stock opened at $240.54 on Wednesday. The stock has a market cap of $141.01 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 1.31 and a beta of 0.32. The company’s fifty day moving average price is $245.05 and its 200-day moving average price is $259.11. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

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, topping analysts’ consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.48 EPS. On average, equities analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were paid a dividend of $0.10 per share. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.25%.

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.