The Progressive Co. (NYSE:PGR) Shares Sold by UMB Bank n.a.

UMB Bank n.a. trimmed its position in shares of The Progressive Co. (NYSE:PGR) by 0.1% in the first quarter, Holdings Channel.com reports. The firm owned 431,604 shares of the insurance provider’s stock after selling 401 shares during the period. Progressive comprises approximately 2.0% of UMB Bank n.a.’s investment portfolio, making the stock its 9th largest position. UMB Bank n.a.’s holdings in Progressive were worth $122,148,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC boosted its stake in Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 41 shares during the last quarter. Minot DeBlois Advisors LLC bought a new position in shares of Progressive in the 4th quarter worth about $28,000. Atala Financial Inc bought a new position in shares of Progressive in the 4th quarter worth about $32,000. Global Wealth Strategies & Associates lifted its position in shares of Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock worth $39,000 after buying an additional 75 shares during the last quarter. Finally, Rialto Wealth Management LLC bought a new position in shares of Progressive in the 4th quarter worth about $43,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PGR. Barclays raised their price target on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research report on Friday, April 11th. Jefferies Financial Group reduced their price target on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an “overweight” rating in a research report on Monday, May 19th. Roth Mkm raised their price target on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Finally, Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a research report on Monday, April 28th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $288.59.

Progressive Stock Down 0.4%

Progressive stock opened at $279.19 on Friday. The stock has a market cap 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 company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $276.19 and its two-hundred day moving average price is $264.49. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, analysts expect that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $268.59, for a total value of $2,685,900.00. Following the transaction, the chief financial officer now owns 248,024 shares of the company’s stock, valued at $66,616,766.16. The trade was a 3.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CIO Jonathan S. Bauer sold 1,696 shares of Progressive stock in a transaction that occurred on 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 directly owns 26,697 shares in the company, valued at $7,546,174.02. This represents a 5.97% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,755 shares of company stock valued at $10,367,074. Company insiders own 0.34% of the company’s stock.

About Progressive

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.