Glenview Trust Co Invests $4.44 Million in The Progressive Corporation $PGR

Glenview Trust Co purchased a new stake in The Progressive Corporation (NYSE:PGR) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 20,306 shares of the insurance provider’s stock, valued at approximately $4,436,000.

Several other large investors have also recently bought and sold shares of PGR. Pines Wealth Management LLC lifted its position in Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after acquiring an additional 52 shares during the last quarter. Northwestern Mutual Investment Management Company LLC lifted its holdings in Progressive by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after purchasing an additional 52 shares during the last quarter. Phillips Wealth Planners LLC lifted its holdings in Progressive by 2.8% during the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock worth $436,000 after purchasing an additional 52 shares during the last quarter. Sumitomo Life Insurance Co. boosted its stake in Progressive by 1.2% in the 4th quarter. Sumitomo Life Insurance Co. now owns 4,307 shares of the insurance provider’s stock valued at $981,000 after purchasing an additional 52 shares during the period. Finally, Brown Miller Wealth Management LLC boosted its stake in Progressive by 2.4% in the 2nd quarter. Brown Miller Wealth Management LLC now owns 2,365 shares of the insurance provider’s stock valued at $517,000 after purchasing an additional 55 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

NYSE:PGR opened at $217.51 on Friday. The stock has a fifty day moving average price of $216.90 and a 200-day moving average price of $207.15. The company has a market cap of $126.45 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 2.96 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $249.83.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same period in the prior year, the firm posted $5.40 EPS. Progressive’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, equities analysts anticipate that The Progressive Corporation will post 17.74 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio is presently 2.01%.

Insider Transactions at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at $6,880,743.08. This trade represents a 20.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the sale, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 83,449 shares of company stock worth $17,685,203. Corporate insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on PGR shares. Wells Fargo & Company increased their price objective on Progressive from $198.00 to $201.00 and gave the stock an “underweight” rating in a research report on Thursday, August 20th. William Blair restated a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. HSBC raised their price target on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. The Goldman Sachs Group reiterated a “buy” rating and issued a $230.00 price objective on shares of Progressive in a research note on Wednesday, August 19th. Finally, UBS Group boosted their price objective on shares of Progressive from $225.00 to $234.00 and gave the company a “neutral” rating in a report on Thursday. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $236.26.

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.