Orrstown Financial Services Inc. Boosts Stock Holdings in The Progressive Corporation $PGR

Orrstown Financial Services Inc. grew its position in shares of The Progressive Corporation (NYSE:PGR) by 10.1% during the second quarter, Holdings Channel reports. The institutional investor owned 2,537 shares of the insurance provider’s stock after purchasing an additional 233 shares during the quarter. Orrstown Financial Services Inc.’s holdings in Progressive were worth $677,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in Progressive during the fourth quarter valued at about $269,000. Bison Wealth LLC lifted its stake in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares in the last quarter. Waverly Advisors LLC lifted its stake in shares of Progressive by 103.7% during the 4th quarter. Waverly Advisors LLC now owns 5,232 shares of the insurance provider’s stock valued at $1,254,000 after buying an additional 2,663 shares in the last quarter. Finally, Vise Technologies Inc. lifted its stake in shares of Progressive by 133.6% during the 4th quarter. Vise Technologies Inc. now owns 6,715 shares of the insurance provider’s stock valued at $1,609,000 after buying an additional 3,841 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the transaction, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of the business’s stock in a transaction dated 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 owned 228,024 shares in the company, valued at $56,832,701.76. The trade was a 6.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 130,062 shares of company stock valued at $32,217,635 over the last quarter. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Evercore ISI downgraded Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 target price on the stock. in a research report on Thursday, July 17th. Bank of America dropped their price objective on Progressive from $347.00 to $343.00 and set a “buy” rating on the stock in a report on Thursday. Wells Fargo & Company reissued an “equal weight” rating and set a $265.00 price objective (down previously from $327.00) on shares of Progressive in a report on Thursday. Jefferies Financial Group dropped their price objective on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Finally, Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Sunday. Six analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $279.44.

Progressive Price Performance

Shares of NYSE:PGR opened at $242.26 on Friday. The stock has a market cap of $142.02 billion, a PE ratio of 13.65, a PEG ratio of 1.38 and a beta of 0.32. The company’s fifty day moving average is $245.83 and its 200 day moving average is $263.34. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.48 earnings per share. 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 declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive’s payout ratio is 2.25%.

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.