Midwest Trust Co Sells 6,073 Shares of The Progressive Corporation $PGR

Midwest Trust Co lowered its position in shares of The Progressive Corporation (NYSE:PGR) by 15.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 33,010 shares of the insurance provider’s stock after selling 6,073 shares during the quarter. Midwest Trust Co’s holdings in Progressive were worth $7,517,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Dagco Inc. purchased a new stake in shares of Progressive during the fourth quarter valued at approximately $28,000. Ameriflex Group Inc. boosted its position in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the last quarter. Bangor Savings Bank grew its stake in Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares during the period. Riverview Trust Co increased its position in shares of Progressive by 48.6% during the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 53 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Progressive by 833.3% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 150 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

PGR opened at $193.85 on Monday. The firm has a 50-day moving average price of $202.73 and a 200-day moving average price of $211.43. The Progressive Corporation has a twelve month low of $191.75 and a twelve month high of $289.96. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $113.27 billion, a price-to-earnings ratio of 9.86, a PEG ratio of 5.61 and a beta of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for 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 was up 6.5% compared to the same quarter last year. During the same period in the prior year, the company posted $4.37 EPS. Equities analysts expect that The Progressive Corporation will post 16.39 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research reports. Barclays set a $247.00 price target on shares of Progressive in a research report on Wednesday, March 18th. Wells Fargo & Company increased their target price on shares of Progressive from $215.00 to $218.00 and gave the company an “equal weight” rating in a research report on Thursday, April 16th. Bank of America raised their price target on shares of Progressive from $295.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Piper Sandler reiterated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Finally, Keefe, Bruyette & Woods reduced their price objective on Progressive from $227.00 to $210.00 and set a “market perform” rating for the company in a report on Tuesday, April 7th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average price target of $238.39.

Insider Buying and Selling

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the transaction, the executive owned 26,250 shares of the company’s stock, valued at $5,330,062.50. The trade was a 7.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Karen Bailo sold 3,517 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. This represents a 9.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,933 shares of company stock valued at $1,441,564 in the last ninety days. 0.32% of the stock is owned by company insiders.

Progressive Company Profile

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.