Midwest Trust Co Has $9.65 Million Stock Holdings in The Progressive Corporation $PGR

Midwest Trust Co cut its stake in The Progressive Corporation (NYSE:PGR) by 20.7% during the third quarter, HoldingsChannel reports. The fund owned 39,083 shares of the insurance provider’s stock after selling 10,187 shares during the quarter. Midwest Trust Co’s holdings in Progressive were worth $9,652,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Progressive during the 2nd quarter worth about $2,156,939,000. Alliancebernstein L.P. lifted its stake in Progressive by 32.8% in the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after acquiring an additional 2,709,417 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Progressive by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock worth $14,548,217,000 after purchasing an additional 493,332 shares during the last quarter. Temasek Holdings Private Ltd acquired a new stake in shares of Progressive in the 2nd quarter valued at $117,057,000. Finally, First Trust Advisors LP boosted its holdings in Progressive by 154.3% in the second quarter. First Trust Advisors LP now owns 673,646 shares of the insurance provider’s stock worth $179,769,000 after purchasing an additional 408,779 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 3,105 shares of the company’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $634,506.75. Following the sale, the executive owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This represents a 10.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05. Following the sale, the insider directly owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. The trade was a 4.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,443 shares of company stock worth $2,723,061 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PGR. Raymond James Financial cut their target price on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. UBS Group set a $226.00 price objective on Progressive in a research note on Monday, February 2nd. William Blair lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. JPMorgan Chase & Co. lowered their target price on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Finally, Evercore cut their target price on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating for the company in a research report on Wednesday, January 7th. Seven equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $251.29.

Progressive Price Performance

Shares of NYSE:PGR opened at $202.57 on Wednesday. The firm has a market capitalization of $118.79 billion, a PE ratio of 10.53, a PEG ratio of 1.24 and a beta of 0.32. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The business’s 50 day moving average is $216.15 and its 200-day moving average is $228.55.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.08%.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.