The Progressive Corporation $PGR Shares Sold by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division cut its stake in The Progressive Corporation (NYSE:PGR) by 18.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,345 shares of the insurance provider’s stock after selling 4,851 shares during the period. Progressive accounts for about 0.7% of Central Pacific Bank Trust Division’s portfolio, making the stock its 20th largest position. Central Pacific Bank Trust Division’s holdings in Progressive were worth $5,696,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of PGR. Highline Wealth Partners LLC boosted its stake in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC lifted its stake in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 63 shares during the period. HWG Holdings LP acquired a new stake in Progressive during the 1st quarter valued at approximately $28,000. Garde Capital Inc. acquired a new stake in Progressive during the 1st quarter valued at approximately $33,000. Finally, Ransom Advisory Ltd acquired a new stake in Progressive during the 1st quarter valued at approximately $35,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

PGR opened at $248.29 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a fifty day moving average price of $246.44 and a 200 day moving average price of $264.74. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The stock has a market cap of $145.55 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.44 and a beta of 0.32.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.48 EPS. Equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.25%.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research reports. Keefe, Bruyette & Woods decreased their price objective on shares of Progressive from $290.00 to $268.00 and set a “market perform” rating for the company in a research note on Thursday, July 17th. BMO Capital Markets decreased their price objective on shares of Progressive from $281.00 to $279.00 and set an “outperform” rating for the company in a research note on Thursday, August 21st. Wall Street Zen upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Saturday. Barclays decreased their price objective on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 19th. Finally, Bank of America lifted their price objective on shares of Progressive from $344.00 to $347.00 and gave the company a “buy” rating in a research note on Wednesday. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and an average price target of $284.82.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the company’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider owned 39,040 shares of the company’s stock, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,010 shares of company stock valued at $34,547,699 in the last three months. Company insiders own 0.34% of the company’s stock.

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.