The Progressive Co. (NYSE:PGR) Holdings Cut by Greenfield Savings Bank

Greenfield Savings Bank lowered its holdings in shares of The Progressive Co. (NYSE:PGR) by 0.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,412 shares of the insurance provider’s stock after selling 64 shares during the quarter. Progressive comprises about 2.0% of Greenfield Savings Bank’s investment portfolio, making the stock its 11th biggest position. Greenfield Savings Bank’s holdings in Progressive were worth $4,165,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Davis Capital Management acquired a new position in Progressive in the 3rd quarter valued at $25,000. WR Wealth Planners LLC grew its stake in 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 buying an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new position in Progressive in the 1st quarter valued at $32,000. Northwest Bank & Trust Co acquired a new position in Progressive in the 4th quarter valued at $25,000. Finally, Hilltop National Bank grew its position in Progressive by 126.0% in 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 during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the transaction, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the transaction, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 146,512 shares of company stock valued at $33,912,874 in the last ninety days. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of several research analyst reports. Evercore ISI raised their price target on shares of Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 3rd. Piper Sandler raised their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Roth Mkm raised their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. raised their price target on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Trading Down 3.8 %

Shares of PGR stock opened at $245.57 on Tuesday. The Progressive Co. has a 12-month low of $141.84 and a 12-month high of $260.46. The company has a market capitalization of $143.82 billion, a P/E ratio of 25.14, a P/E/G ratio of 0.71 and a beta of 0.35. The firm has a 50-day moving average price of $241.69 and a 200 day moving average price of $221.14. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period last year, the firm posted $0.57 EPS. The firm’s quarterly revenue was up 21.6% on a year-over-year basis. Research analysts forecast that The Progressive Co. will post 13.01 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

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.