Citizens & Northern Corp Takes Position in The Progressive Co. (NYSE:PGR)

Citizens & Northern Corp bought a new stake in shares of The Progressive Co. (NYSE:PGR) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 925 shares of the insurance provider’s stock, valued at approximately $222,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Empower Advisory Group LLC lifted its stake in shares of Progressive by 9,038.5% in the fourth quarter. Empower Advisory Group LLC now owns 241,714 shares of the insurance provider’s stock worth $57,917,000 after acquiring an additional 239,069 shares in the last quarter. Truist Financial Corp increased its holdings in Progressive by 7.3% during the 4th quarter. Truist Financial Corp now owns 337,841 shares of the insurance provider’s stock worth $80,950,000 after purchasing an additional 22,885 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Progressive by 4.3% in the 4th quarter. CIBC Asset Management Inc now owns 93,237 shares of the insurance provider’s stock valued at $22,341,000 after purchasing an additional 3,879 shares in the last quarter. Highview Capital Management LLC DE boosted its stake in shares of Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider’s stock valued at $2,645,000 after buying an additional 339 shares during the last quarter. Finally, Human Investing LLC acquired a new stake in shares of Progressive during the fourth quarter worth approximately $63,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at approximately $115,255,231.44. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,361 shares of company stock valued at $13,983,575 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Bank of America upped their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Morgan Stanley upped their target price on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods decreased their price target on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Barclays cut their price objective on Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Finally, TD Cowen lifted their target price on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $275.71.

Progressive Price Performance

NYSE PGR opened at $262.71 on Tuesday. The company has a 50-day moving average price of $244.97 and a two-hundred day moving average price of $247.54. The Progressive Co. has a 52 week low of $186.94 and a 52 week high of $270.62. The stock has a market cap of $153.90 billion, a price-to-earnings ratio of 18.24, a price-to-earnings-growth ratio of 0.64 and a beta of 0.42. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Analysts forecast that The Progressive Co. will post 14.44 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is currently 2.78%.

Progressive Company 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.