The Progressive Corporation $PGR Holdings Lifted by Keybank National Association OH

Keybank National Association OH boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 33.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 98,676 shares of the insurance provider’s stock after buying an additional 24,993 shares during the quarter. Keybank National Association OH’s holdings in Progressive were worth $26,333,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Baron Silver Stevens Financial Advisors LLC purchased a new position in Progressive in the 2nd quarter worth about $306,000. New York Life Investment Management LLC increased its stake in Progressive by 1.4% in the 2nd quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after purchasing an additional 1,192 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Progressive in the 2nd quarter worth about $13,583,000. Whalen Wealth Management Inc. purchased a new position in Progressive in the 2nd quarter worth about $647,000. Finally, Trust Co. of Oklahoma purchased a new position in Progressive in the 2nd quarter worth about $439,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.6%

PGR opened at $206.71 on Friday. The Progressive Corporation has a fifty-two week low of $206.41 and a fifty-two week high of $292.99. The business has a 50-day moving average of $237.97 and a 200-day moving average of $254.67. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The company has a market capitalization of $121.18 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 1.19 and a beta of 0.32.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same period last year, the business earned $3.58 earnings per share. Equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were 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 of this dividend was Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.19%.

Insiders Place Their Bets

In related news, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction that occurred 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 directly owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 58,500 shares of company stock worth $14,430,089 in the last three months. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PGR shares. Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Citigroup decreased their price objective on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research report on Thursday, October 16th. JPMorgan Chase & Co. raised their price objective on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. Morgan Stanley set a $214.00 price objective on Progressive and gave the stock an “underweight” rating in a research report on Monday, October 20th. Finally, Wolfe Research initiated coverage on Progressive in a research report on Monday, September 15th. They set a “peer perform” rating for the company. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $268.90.

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.