First National Trust Co Sells 81 Shares of The Progressive Co. (NYSE:PGR)

First National Trust Co trimmed its position in The Progressive Co. (NYSE:PGR) by 2.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,738 shares of the insurance provider’s stock after selling 81 shares during the quarter. First National Trust Co’s holdings in Progressive were worth $436,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in Progressive by 14.1% in the third quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after acquiring an additional 2,666,449 shares in the last quarter. Invesco Ltd. boosted its position in shares of Progressive by 31.8% in the 3rd quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock worth $666,004,000 after purchasing an additional 1,154,591 shares in the last quarter. Parnassus Investments LLC grew its stake in Progressive by 102.9% during the 3rd quarter. Parnassus Investments LLC now owns 2,131,601 shares of the insurance provider’s stock worth $296,932,000 after buying an additional 1,080,834 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new position in Progressive during the 3rd quarter valued at about $88,528,000. Finally, Los Angeles Capital Management LLC raised its stake in Progressive by 279.2% in the fourth quarter. Los Angeles Capital Management LLC now owns 811,381 shares of the insurance provider’s stock valued at $129,237,000 after buying an additional 597,401 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Down 0.1 %

Progressive stock traded down $0.31 during midday trading on Friday, reaching $208.72. 2,150,779 shares of the stock traded hands, compared to its average volume of 2,992,636. The firm has a market cap of $122.25 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 0.82 and a beta of 0.34. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $216.21. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The company has a 50-day simple moving average of $204.30 and a two-hundred day simple moving average of $179.61.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. Progressive’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.65 earnings per share. Research analysts expect that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were given a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity

In other Progressive news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total value of $1,603,843.36. Following the sale, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated 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 owns 7,176 shares in the company, valued at $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock valued at $7,458,139 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PGR shares. Keefe, Bruyette & Woods upped their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 10th. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Piper Sandler reiterated an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. Roth Mkm raised their price target on shares of Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, Bank of America decreased their price objective on shares of Progressive from $279.00 to $273.00 and set a “buy” rating for the company in a research report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus target price of $211.88.

Progressive Profile

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.