Moody National Bank Trust Division Buys Shares of 1,667 The Progressive Co. (NYSE:PGR)

Moody National Bank Trust Division purchased a new position in shares of The Progressive Co. (NYSE:PGRFree Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,667 shares of the insurance provider’s stock, valued at approximately $345,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Kestra Advisory Services LLC raised its stake in shares of Progressive by 16.7% during the third quarter. Kestra Advisory Services LLC now owns 7,657 shares of the insurance provider’s stock valued at $1,067,000 after acquiring an additional 1,096 shares during the last quarter. Provence Wealth Management Group bought a new position in Progressive during the 3rd quarter worth $210,000. Ontario Teachers Pension Plan Board raised its position in Progressive by 6.8% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 2,395 shares of the insurance provider’s stock worth $334,000 after purchasing an additional 153 shares during the last quarter. Mariner LLC lifted its holdings in Progressive by 5.2% during the 3rd quarter. Mariner LLC now owns 148,669 shares of the insurance provider’s stock worth $20,710,000 after buying an additional 7,388 shares during the period. Finally, Giverny Capital Inc. boosted its holdings in Progressive by 2.9% in the third quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider’s stock valued at $69,849,000 after acquiring an additional 14,022 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 12,457 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total value of $2,546,584.51. Following the transaction, the chief financial officer now owns 312,958 shares in the company, valued at approximately $63,978,003.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO John P. Sauerland sold 12,457 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the completion of the sale, the chief financial officer now directly owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 7,361 shares of Progressive stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25. Following the sale, the insider now owns 35,503 shares in the company, valued at $7,357,996.75. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,468 shares of company stock worth $4,415,753. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PGR shares. Piper Sandler reissued an “overweight” rating and set a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. BMO Capital Markets reissued an “outperform” rating and issued a $235.00 price objective on shares of Progressive in a research report on Monday. Wells Fargo & Company boosted their price objective on Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a research note on Monday. Keefe, Bruyette & Woods raised their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. Finally, JPMorgan Chase & Co. boosted their price target on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $216.81.

Get Our Latest Stock Analysis on PGR

Progressive Stock Up 1.2 %

Shares of NYSE PGR traded up $2.51 during mid-day trading on Wednesday, reaching $210.75. 2,722,082 shares of the company’s stock traded hands, compared to its average volume of 2,402,503. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The business has a 50-day simple moving average of $209.16 and a 200 day simple moving average of $191.19. The stock has a market cap of $123.44 billion, a P/E ratio of 21.57, a PEG ratio of 0.79 and a beta of 0.35. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $217.77.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.65 EPS. On average, analysts expect that The Progressive Co. will post 11.46 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is 4.09%.

About Progressive

(Free Report)

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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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