AMG National Trust Bank Has $458,000 Position in The Progressive Corporation $PGR

AMG National Trust Bank grew its holdings in The Progressive Corporation (NYSE:PGR) by 35.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,715 shares of the insurance provider’s stock after acquiring an additional 451 shares during the quarter. AMG National Trust Bank’s holdings in Progressive were worth $458,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. TruNorth Capital Management LLC grew its position in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 63 shares during the last quarter. Ransom Advisory Ltd bought a new stake in shares of Progressive in the first quarter valued at about $35,000. Activest Wealth Management lifted its stake in shares of Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after buying an additional 127 shares during the period. Accent Capital Management LLC bought a new stake in shares of Progressive in the first quarter valued at about $39,000. Finally, Richardson Financial Services Inc. lifted its stake in shares of Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after buying an additional 132 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the transaction, the insider owned 30,388 shares in the company, valued at approximately $7,356,934.80. The trade was a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This trade represents a 6.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 58,500 shares of company stock valued at $14,430,089 in the last ninety days. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Down 0.5%

Shares of PGR opened at $205.97 on Friday. The stock has a market cap of $120.74 billion, a price-to-earnings ratio of 11.30, a P/E/G ratio of 1.19 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 12 month low of $205.55 and a 12 month high of $292.99. The company has a 50-day moving average price of $237.11 and a two-hundred day moving average price of $254.01.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter in the prior year, the business earned $3.58 EPS. Equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is 2.19%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. BMO Capital Markets reduced their target price on shares of Progressive from $252.00 to $247.00 and set a “market perform” rating for the company in a research note on Thursday, October 16th. Evercore ISI reduced their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. JPMorgan Chase & Co. increased their target price on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Wells Fargo & Company reduced their target price on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Finally, UBS Group reduced their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $268.90.

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.