City State Bank Sells 83 Shares of The Progressive Co. (NYSE:PGR)

City State Bank lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 12.6% in the third quarter, Holdings Channel reports. The firm owned 578 shares of the insurance provider’s stock after selling 83 shares during the period. City State Bank’s holdings in Progressive were worth $147,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in PGR. Northwest Bank & Trust Co bought a new stake in Progressive during the fourth quarter worth approximately $25,000. Davis Capital Management bought a new stake in Progressive during the third quarter worth approximately $25,000. WR Wealth Planners LLC boosted its position in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the period. Indiana Trust & Investment Management CO bought a new stake in Progressive during the first quarter worth approximately $32,000. Finally, Hilltop National Bank boosted its position in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $254.09 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a fifty day moving average price of $245.20 and a two-hundred day moving average price of $222.71. The Progressive Co. has a 52-week low of $142.87 and a 52-week high of $260.46. The firm has a market capitalization of $148.82 billion, a P/E ratio of 26.01, a P/E/G ratio of 0.69 and a beta of 0.35.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 earnings per share. As a group, analysts anticipate that The Progressive Co. will post 13.07 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s payout ratio is presently 4.09%.

Insider Transactions at Progressive

In other news, Director Philip Bleser sold 2,129 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the sale, the director now owns 974 shares in the company, valued at approximately $213,383.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO John P. Sauerland sold 22,708 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $4,859,739.08. Following the transaction, the chief financial officer now owns 302,958 shares in the company, valued at $64,836,041.58. This trade represents a 0.00 % 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, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the transaction, the director now owns 974 shares in the company, valued at approximately $213,383.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,512 shares of company stock worth $33,912,874. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on PGR. BMO Capital Markets reduced their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Barclays began coverage on Progressive in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective for the company. Keefe, Bruyette & Woods increased their price objective on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. Finally, Bank of America increased their price objective on Progressive from $309.00 to $319.00 and gave the company a “buy” rating in a research report on Thursday. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $260.53.

About Progressive

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.