CNB Bank Acquires 67 Shares of The Progressive Corporation $PGR

CNB Bank lifted its position in The Progressive Corporation (NYSE:PGR) by 1.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,851 shares of the insurance provider’s stock after purchasing an additional 67 shares during the quarter. CNB Bank’s holdings in Progressive were worth $1,028,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PGR. Vanguard Group Inc. grew its stake in shares of Progressive by 1.2% during the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock valued at $15,289,037,000 after buying an additional 622,590 shares during the last quarter. GQG Partners LLC increased 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 valued at $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after purchasing an additional 1,091,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Progressive by 6.6% during the first 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 valued at $1,805,642,000 after buying an additional 396,567 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Progressive in the first quarter worth $1,473,180,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider directly owned 39,040 shares of the company’s stock, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 1,345 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the sale, the insider directly owned 30,388 shares of the company’s stock, valued at $7,356,934.80. The trade was a 4.24% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,778 shares of company stock valued at $31,683,756. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Keefe, Bruyette & Woods reduced their price objective on Progressive from $270.00 to $262.00 and set a “market perform” rating for the company in a research report on Thursday, October 16th. Weiss Ratings reissued a “buy (b)” rating on shares of Progressive in a report on Wednesday, October 8th. Evercore ISI decreased their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Barclays reduced their target price on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, Zacks Research downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $270.40.

Progressive Trading Down 0.8%

PGR stock opened at $218.93 on Friday. The company’s 50-day simple moving average is $241.10 and its 200-day simple moving average is $256.42. The Progressive Corporation has a 52-week low of $217.20 and a 52-week high of $292.99. The firm has a market cap of $128.34 billion, a P/E ratio of 12.01, a PEG ratio of 1.27 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the prior year, the company posted $3.58 earnings per share. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s dividend payout ratio is currently 2.19%.

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.