Orrstown Financial Services Inc. Takes $282,000 Position in The Progressive Co. (NYSE:PGR)

Orrstown Financial Services Inc. acquired a new stake in shares of The Progressive Co. (NYSE:PGRFree Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,365 shares of the insurance provider’s stock, valued at approximately $282,000.

Other large investors have also made changes to their positions in the company. Sachetta LLC bought a new position in shares of Progressive in the fourth quarter valued at approximately $25,000. Northwest Bank & Trust Co acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $25,000. Valley National Advisers Inc. raised its position in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 112 shares during the last quarter. Pinnacle Bancorp Inc. acquired a new position in Progressive during the 4th quarter worth $39,000. Finally, Criterion Capital Advisors LLC bought a new position in Progressive in the 4th quarter valued at $47,000. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 1.2 %

PGR opened at $210.75 on Wednesday. The stock has a market capitalization of $123.44 billion, a P/E ratio of 21.57, a P/E/G ratio of 0.79 and a beta of 0.35. The firm’s fifty day simple moving average is $209.16 and its 200 day simple moving average is $191.19. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77.

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

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio is currently 4.09%.

Insiders Place Their Bets

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Steven Broz sold 7,361 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 35,503 shares in the company, valued at $7,357,996.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,468 shares of company stock worth $4,415,753. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PGR. Bank of America upped their price target on Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Citigroup raised their target price on shares of Progressive from $230.00 to $232.00 and gave the company a “neutral” rating in a research note on Monday. Wells Fargo & Company boosted their price target on shares of Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a research note on Monday. UBS Group raised their price objective on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Finally, JPMorgan Chase & Co. upped their target price on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $216.81.

View Our Latest Research Report on PGR

Progressive Profile

(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.

See Also

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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