The Progressive Co. (NYSE:PGR) Shares Bought by FineMark National Bank & Trust

FineMark National Bank & Trust lifted its holdings in The Progressive Co. (NYSE:PGR) by 3.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,150 shares of the insurance provider’s stock after buying an additional 2,154 shares during the quarter. FineMark National Bank & Trust’s holdings in Progressive were worth $10,218,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Wellington Management Group LLP boosted its stake in shares of Progressive by 14.1% during the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after acquiring an additional 2,666,449 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Progressive by 3.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after purchasing an additional 520,742 shares during the last quarter. Norges Bank purchased a new position in shares of Progressive in the fourth quarter valued at $1,078,831,000. Northern Trust Corp boosted its position in shares of Progressive by 2.8% in the 3rd quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock worth $833,410,000 after buying an additional 162,916 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in Progressive by 2.9% in the 3rd quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock valued at $785,814,000 after acquiring an additional 156,332 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Down 1.1 %

PGR traded down $2.29 during trading on Thursday, hitting $204.05. 1,333,855 shares of the company’s stock were exchanged, compared to its average volume of 2,557,335. The stock has a 50 day moving average price of $208.91 and a 200 day moving average price of $184.78. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $217.77. 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 firm has a market cap of $119.51 billion, a P/E ratio of 21.12, a price-to-earnings-growth ratio of 0.81 and a beta of 0.34.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.65 EPS. As a group, analysts expect that The Progressive Co. will post 11.53 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.20%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insiders Place Their Bets

In other news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the transaction, the insider now directly owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Progressive news, insider Karen Bailo sold 8,464 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the transaction, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 7,361 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now owns 35,503 shares in the company, valued at approximately $7,357,996.75. The disclosure for this sale can be found here. Insiders sold a total of 16,825 shares of company stock worth $3,337,741 in the last 90 days. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PGR. Piper Sandler reiterated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. Morgan Stanley increased their price objective on Progressive from $228.00 to $247.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. UBS Group raised their price target on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. HSBC boosted their price objective on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. Finally, Jefferies Financial Group lifted their target price on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $215.19.

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.