Glenmede Trust Co. NA Acquires 37,404 Shares of The Progressive Corporation $PGR

Glenmede Trust Co. NA grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 17.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 256,220 shares of the insurance provider’s stock after purchasing an additional 37,404 shares during the quarter. Glenmede Trust Co. NA’s holdings in Progressive were worth $50,793,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PGR. Norges Bank bought a new position in Progressive during the fourth quarter valued at about $1,836,094,000. Wellington Management Group LLP increased its holdings in Progressive by 181.8% during the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after buying an additional 4,197,212 shares during the last quarter. Diamant Asset Management Inc. increased its holdings in Progressive by 19,724.0% during the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock worth $806,614,000 after buying an additional 4,048,351 shares during the last quarter. Life Cycle Investment Partners Ltd bought a new stake in Progressive in the fourth quarter worth about $353,906,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Progressive by 193.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock worth $502,519,000 after acquiring an additional 1,454,111 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Shares of NYSE:PGR opened at $211.50 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $123.59 billion, a PE ratio of 10.61, a P/E/G ratio of 2.88 and a beta of 0.26. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The company has a 50-day moving average price of $211.33 and a two-hundred day moving average price of $206.05.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.01%.

Insider Buying and Selling

In related news, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares of the company’s stock, valued at $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 74,885 shares of company stock worth $15,880,459 in the last 90 days. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. William Blair reissued a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. UBS Group lifted their price target on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. HSBC upped their price objective on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Evercore set a $240.00 price objective on Progressive in a report on Friday, July 10th. Finally, Royal Bank Of Canada set a $208.00 target price on Progressive in a research report on Friday, May 22nd. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $236.11.

Progressive 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.