TIAA Trust National Association Buys 206 Shares of The Progressive Co. (NYSE:PGR)

TIAA Trust National Association grew its stake in shares of The Progressive Co. (NYSE:PGR) by 3.6% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 5,937 shares of the insurance provider’s stock after acquiring an additional 206 shares during the quarter. TIAA Trust National Association’s holdings in Progressive were worth $1,233,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. WR Wealth Planners LLC increased its stake in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO bought a new position in shares of Progressive in the first quarter worth about $32,000. Sachetta LLC acquired a new stake in shares of Progressive in the 4th quarter valued at approximately $25,000. Northwest Bank & Trust Co bought a new stake in shares of Progressive during the 4th quarter valued at approximately $25,000. Finally, Hilltop National Bank increased its position in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the sale, the insider now directly owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Steven Broz sold 3,050 shares of Progressive stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the transaction, the insider now owns 32,453 shares of the company’s stock, valued at $6,808,963.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the sale, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,984 shares of company stock valued at $22,564,766. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.6 %

Shares of NYSE PGR opened at $253.91 on Thursday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a market cap of $148.71 billion, a PE ratio of 25.99, a P/E/G ratio of 0.83 and a beta of 0.35. The company’s fifty day simple moving average is $223.88 and its 200 day simple moving average is $211.99. The Progressive Co. has a 12-month low of $133.15 and a 12-month high of $254.83.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter in the prior year, the firm earned $0.57 EPS. The business’s revenue was up 21.6% on a year-over-year basis. As a group, sell-side analysts forecast that The Progressive Co. will post 12.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s payout ratio is 4.09%.

Analysts Set New Price Targets

A number of research firms have weighed in on PGR. Wells Fargo & Company boosted their target price on shares of Progressive from $262.00 to $281.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. The Goldman Sachs Group raised Progressive from a “neutral” rating to a “buy” rating and upped their target price for the stock from $230.00 to $262.00 in a report on Thursday, August 15th. Keefe, Bruyette & Woods lifted their price target on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research note on Tuesday. Bank of America raised their price objective on shares of Progressive from $294.00 to $312.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Jefferies Financial Group lifted their target price on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and a consensus target price of $237.24.

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.