First American Trust FSB Reduces Stock Position in The Progressive Corporation $PGR

First American Trust FSB cut its stake in The Progressive Corporation (NYSE:PGR) by 12.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 32,390 shares of the insurance provider’s stock after selling 4,701 shares during the quarter. First American Trust FSB’s holdings in Progressive were worth $7,376,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Klingman & Associates LLC increased its holdings in Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after buying an additional 48 shares in the last quarter. Revisor Wealth Management LLC increased its holdings in Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after buying an additional 50 shares in the last quarter. Cullen Investment Group LTD. increased its holdings in Progressive by 0.7% in the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after buying an additional 52 shares in the last quarter. Pines Wealth Management LLC increased its holdings in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after buying an additional 52 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its holdings in Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock valued at $4,267,000 after buying an additional 52 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Bank of America dropped their target price on shares of Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a report on Wednesday, May 20th. UBS Group raised their price objective on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research note on Monday, March 23rd. Barclays set a $247.00 price objective on Progressive in a research report on Wednesday, March 18th. The Goldman Sachs Group restated a “buy” rating and set a $225.00 price objective on shares of Progressive in a research report on Monday, February 23rd. Finally, Jefferies Financial Group cut their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $238.11.

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. The trade was a 12.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the completion of the sale, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. The trade was a 3.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 7,343 shares of company stock valued at $1,470,355. Company insiders own 0.32% of the company’s stock.

Progressive Stock Up 2.0%

PGR stock opened at $204.12 on Thursday. The stock has a market capitalization of $119.27 billion, a P/E ratio of 10.38, a PEG ratio of 5.80 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a one year low of $189.20 and a one year high of $269.84. The company has a 50 day moving average price of $198.93 and a two-hundred day moving average price of $208.26.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the company earned $4.37 EPS. As a group, sell-side analysts expect that The Progressive Corporation will post 16.35 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.