Peoples Bank OH Has $215,000 Holdings in The Progressive Corporation $PGR

Peoples Bank OH cut its stake in The Progressive Corporation (NYSE:PGR) by 13.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 804 shares of the insurance provider’s stock after selling 127 shares during the quarter. Peoples Bank OH’s holdings in Progressive were worth $215,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its position in Progressive by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock worth $15,289,037,000 after acquiring an additional 622,590 shares during the last quarter. GQG Partners LLC grew its position in Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares during the last quarter. Alliancebernstein L.P. grew its position in Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Progressive by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock worth $1,805,642,000 after acquiring an additional 396,567 shares during the last quarter. Finally, Nuveen LLC bought a new stake in Progressive during the 1st quarter worth approximately $1,473,180,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on PGR. Evercore ISI decreased their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday. Jefferies Financial Group decreased their price target on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Wolfe Research began coverage on Progressive in a research report on Monday, September 15th. They set a “peer perform” rating on the stock. Wells Fargo & Company reiterated an “equal weight” rating and issued a $265.00 price objective (down from $327.00) on shares of Progressive in a research report on Thursday, September 18th. Finally, UBS Group decreased their price objective on Progressive from $280.00 to $268.00 and set a “neutral” rating on the stock in a research report on Monday, July 21st. Seven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $279.63.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 16,664 shares of the firm’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock worth $31,997,390 over the last three months. Insiders own 0.34% of the company’s stock.

Progressive Stock Up 1.1%

Shares of PGR opened at $246.10 on Friday. The firm has a market capitalization of $144.27 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 1.36 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The business’s fifty day moving average price is $245.14 and its two-hundred day moving average price is $260.84. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period last year, the company earned $2.48 EPS. The firm’s revenue was up 12.1% on a year-over-year basis. On average, analysts predict 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. Stockholders of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio (DPR) is currently 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.