Orrstown Financial Services Inc. Has $652,000 Stock Position in The Progressive Co. (NYSE:PGR)

Orrstown Financial Services Inc. grew its stake in The Progressive Co. (NYSE:PGR) by 4.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,304 shares of the insurance provider’s stock after purchasing an additional 93 shares during the quarter. Orrstown Financial Services Inc.’s holdings in Progressive were worth $652,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PGR. Norges Bank acquired a new position in shares of Progressive in the 4th quarter valued at $1,843,045,000. GAMMA Investing LLC raised its stake in Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock worth $862,059,000 after buying an additional 3,038,303 shares during the period. GQG Partners LLC raised its stake in Progressive by 67.6% during the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock worth $1,239,143,000 after buying an additional 2,085,833 shares during the period. Raymond James Financial Inc. acquired a new stake in Progressive during the 4th quarter worth $408,416,000. Finally, Capital Research Global Investors raised its stake in Progressive by 34.3% during the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock worth $1,451,602,000 after buying an additional 1,547,677 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, CIO Jonathan S. Bauer sold 1,696 shares of Progressive stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $479,391.36. Following the completion of the transaction, the executive now owns 26,697 shares in the company, valued at approximately $7,546,174.02. This trade represents a 5.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total value of $2,753,700.00. Following the transaction, the chief financial officer now owns 238,024 shares of the company’s stock, valued at $65,544,668.88. The trade was a 4.03% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,755 shares of company stock worth $10,367,074. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $279.19 on Friday. The stock has a market capitalization of $163.67 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 1.70 and a beta of 0.40. The business has a 50-day moving average of $276.19 and a 200-day moving average of $264.49. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, sell-side analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive’s payout ratio is currently 2.70%.

Analyst Upgrades and Downgrades

PGR has been the topic of several research analyst reports. Barclays raised their price objective on Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research note on Friday, April 11th. Wells Fargo & Company increased their target price on Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, May 21st. Morgan Stanley set a $330.00 target price on Progressive and gave the stock an “overweight” rating in a report on Monday, May 19th. Finally, BMO Capital Markets increased their target price on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a report on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $288.59.

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.