Raymond James Trust N.A. increased its position in shares of Progressive Corp (NYSE:PGR) by 3.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,434 shares of the insurance provider’s stock after purchasing an additional 1,509 shares during the period. Raymond James Trust N.A.’s holdings in Progressive were worth $2,915,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in PGR. JPMorgan Chase & Co. lifted its holdings in Progressive by 4.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock worth $779,788,000 after purchasing an additional 476,696 shares during the last quarter. Martingale Asset Management L P lifted its holdings in Progressive by 3.2% during the 3rd quarter. Martingale Asset Management L P now owns 834,018 shares of the insurance provider’s stock worth $59,250,000 after purchasing an additional 25,869 shares during the last quarter. Baird Financial Group Inc. acquired a new stake in Progressive during the 3rd quarter worth approximately $208,000. Standard Life Aberdeen plc lifted its holdings in Progressive by 31.9% during the 3rd quarter. Standard Life Aberdeen plc now owns 457,670 shares of the insurance provider’s stock worth $32,513,000 after purchasing an additional 110,697 shares during the last quarter. Finally, LPL Financial LLC lifted its holdings in Progressive by 9.1% during the 3rd quarter. LPL Financial LLC now owns 66,639 shares of the insurance provider’s stock worth $4,734,000 after purchasing an additional 5,580 shares during the last quarter. 80.58% of the stock is owned by institutional investors and hedge funds.

In other news, insider John A. Barbagallo sold 45,000 shares of Progressive stock in a transaction on Friday, January 25th. The stock was sold at an average price of $65.44, for a total value of $2,944,800.00. Following the transaction, the insider now owns 132,370 shares in the company, valued at approximately $8,662,292.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Friday, January 25th. The shares were sold at an average price of $65.27, for a total value of $783,240.00. Following the completion of the transaction, the chief financial officer now owns 392,019 shares in the company, valued at approximately $25,587,080.13. The disclosure for this sale can be found here. In the last quarter, insiders sold 114,100 shares of company stock worth $7,722,825. Corporate insiders own 0.39% of the company’s stock.

Progressive stock traded down $0.35 during mid-day trading on Monday, reaching $72.26. 2,507,665 shares of the company were exchanged, compared to its average volume of 3,162,995. Progressive Corp has a 12 month low of $56.71 and a 12 month high of $73.78. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market cap of $41.91 billion, a PE ratio of 16.35, a price-to-earnings-growth ratio of 1.93 and a beta of 0.77.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 23rd. The insurance provider reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.57). Progressive had a return on equity of 24.83% and a net margin of 8.16%. The company had revenue of $7.94 billion for the quarter, compared to the consensus estimate of $7.86 billion. During the same quarter last year, the business earned $0.98 EPS. Progressive’s revenue was up 17.6% on a year-over-year basis. Sell-side analysts expect that Progressive Corp will post 5.07 earnings per share for the current fiscal year.

The firm also recently declared an annual dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 4th. This represents a dividend yield of 0.14%. Progressive’s payout ratio is 59.05%.

A number of equities analysts have commented on PGR shares. Zacks Investment Research upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research note on Wednesday, January 2nd. Barclays raised their price objective on Progressive from $81.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, April 1st. Citigroup raised their price objective on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, February 14th. Wells Fargo & Co set a $73.00 price objective on Progressive and gave the stock a “hold” rating in a research note on Thursday, February 14th. Finally, Credit Suisse Group lowered their price objective on Progressive from $79.00 to $74.00 and set a “buy” rating on the stock in a research note on Thursday, December 20th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $73.43.

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Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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