Citizens & Northern Corp Sells 157 Shares of The Progressive Corporation (NYSE:PGR)

Citizens & Northern Corp decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 17.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 768 shares of the insurance provider’s stock after selling 157 shares during the period. Citizens & Northern Corp’s holdings in Progressive were worth $217,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Meriwether Wealth & Planning LLC bought a new position in Progressive in the 1st quarter valued at $209,000. Shelton Wealth Management LLC increased its stake in shares of Progressive by 6.7% in the first quarter. Shelton Wealth Management LLC now owns 4,105 shares of the insurance provider’s stock valued at $1,162,000 after buying an additional 259 shares in the last quarter. Good Steward Wealth Advisors LLC bought a new position in shares of Progressive in the first quarter valued at about $570,000. Avior Wealth Management LLC lifted its position in Progressive by 4.9% during the 1st quarter. Avior Wealth Management LLC now owns 3,337 shares of the insurance provider’s stock worth $944,000 after buying an additional 157 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in Progressive by 28.6% during the 1st quarter. Blue Trust Inc. now owns 4,169 shares of the insurance provider’s stock worth $1,180,000 after acquiring an additional 928 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on PGR shares. Wells Fargo & Company boosted their target price on shares of Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. Jefferies Financial Group reduced their price objective on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Roth Mkm lifted their target price on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $288.00 target price on shares of Progressive in a research report on Thursday, April 17th. Finally, Bank of America upgraded Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $288.59.

Insiders Place Their Bets

In related news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Friday, March 28th. The shares were sold at an average price of $275.94, for a total value of $2,759,400.00. Following the sale, the chief financial officer now directly owns 258,024 shares of the company’s stock, valued at approximately $71,199,142.56. The trade was a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,267 shares of the company’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total transaction of $351,985.27. Following the completion of the transaction, the insider now directly owns 28,888 shares of the company’s stock, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,157 shares of company stock worth $9,352,400. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Down 2.1%

Progressive stock opened at $260.31 on Friday. The firm has a market capitalization of $152.60 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 1.63 and a beta of 0.40. The company’s 50 day simple moving average is $275.63 and its 200 day simple moving average is $264.45. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The Progressive Corporation has a fifty-two week low of $204.88 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The company had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. As a group, sell-side analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

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.