Vest Financial LLC Sells 51,812 Shares of The Progressive Corporation $PGR

Vest Financial LLC lessened its stake in The Progressive Corporation (NYSE:PGR) by 41.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 72,454 shares of the insurance provider’s stock after selling 51,812 shares during the quarter. Vest Financial LLC’s holdings in Progressive were worth $15,020,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Progressive in the second quarter worth about $10,496,271,000. State Street Corp increased its holdings in Progressive by 2.5% in the second quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after buying an additional 656,249 shares during the last quarter. Bank of America Corp DE acquired a new stake in Progressive during the second quarter valued at approximately $2,682,342,000. GQG Partners LLC acquired a new stake in Progressive during the second quarter valued at approximately $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Progressive by 6.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider’s stock valued at $1,482,010,000 after buying an additional 410,326 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Wells Fargo & Company reduced their target price on Progressive from $201.00 to $196.00 and set an “underweight” rating on the stock in a report on Thursday, October 15th. HSBC reiterated a “hold” rating and issued a $216.00 price target (down from $221.00) on shares of Progressive in a report on Wednesday, October 7th. JPMorgan Chase & Co. boosted their price target on Progressive from $241.00 to $250.00 and gave the company a “neutral” rating in a report on Monday, October 5th. Weiss Ratings raised Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Finally, Cantor Fitzgerald reduced their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research note on Monday, August 17th. Nine 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $234.45.

Progressive Price Performance

Shares of NYSE:PGR opened at $229.43 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $239.38. The firm has a 50-day simple moving average of $215.78 and a 200 day simple moving average of $210.27. The company has a market cap of $133.38 billion, a PE ratio of 11.55, a P/E/G ratio of 2.65 and a beta of 0.25.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, October 1st. Progressive’s payout ratio is presently 2.01%.

Insider Buying and Selling

In other news, insider Karen Bailo sold 8,452 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Murphy sold 8,124 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the sale, the insider owned 41,291 shares in the company, valued at $8,782,595.70. The trade was a 16.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 106,782 shares of company stock valued at $22,965,332 over the last 90 days. 0.32% of the stock is owned by corporate insiders.

Progressive Company Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.