The Progressive Co. (NYSE:PGR) Shares Sold by Rockland Trust Co.

Rockland Trust Co. cut its holdings in The Progressive Co. (NYSE:PGR) by 21.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,067 shares of the insurance provider’s stock after selling 296 shares during the period. Rockland Trust Co.’s holdings in Progressive were worth $221,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sachetta LLC acquired a new position in Progressive in the 4th quarter valued at $25,000. Northwest Bank & Trust Co acquired a new position in Progressive in the 4th quarter valued at $25,000. Valley National Advisers Inc. raised its holdings in Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 112 shares during the last quarter. Pinnacle Bancorp Inc. acquired a new position in Progressive in the 4th quarter valued at $39,000. Finally, Criterion Capital Advisors LLC acquired a new stake in shares of Progressive during the 4th quarter worth $47,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Down 0.8 %

NYSE:PGR traded down $1.66 on Friday, reaching $209.19. The stock had a trading volume of 3,950,714 shares, compared to its average volume of 2,324,754. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $209.54 and a 200 day moving average of $191.97. The stock has a market cap of $122.52 billion, a P/E ratio of 21.41, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $217.77.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The company had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.65 EPS. On average, research analysts predict that The Progressive Co. will post 11.33 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s payout ratio is 4.09%.

Insider Transactions at Progressive

In other news, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Steven Broz sold 7,361 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the transaction, the insider now owns 35,503 shares of the company’s stock, valued at $7,357,996.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,468 shares of company stock valued at $4,415,753. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods upped their price objective on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. BMO Capital Markets restated an “outperform” rating and set a $235.00 price objective on shares of Progressive in a report on Monday, June 17th. Wells Fargo & Company upped their price objective on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a report on Monday, June 17th. The Goldman Sachs Group upped their price objective on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Finally, JPMorgan Chase & Co. upped their price objective on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $216.81.

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.