Riverview Trust Co Increases Stake in The Progressive Co. (NYSE:PGR)

Riverview Trust Co raised its position in The Progressive Co. (NYSE:PGR) by 20.1% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 705 shares of the insurance provider’s stock after purchasing an additional 118 shares during the period. Riverview Trust Co’s holdings in Progressive were worth $179,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Davis Capital Management purchased a new position in shares of Progressive during the 3rd quarter worth $25,000. WR Wealth Planners LLC raised its holdings in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the period. Indiana Trust & Investment Management CO purchased a new position in shares of Progressive during the 1st quarter worth $32,000. Hilltop National Bank raised its holdings in shares of 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 acquiring an additional 92 shares during the period. Finally, Register Financial Advisors LLC purchased a new position in shares of Progressive during the 1st quarter worth $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $251.08 on Friday. The stock has a 50 day moving average price of $248.81 and a 200 day moving average price of $224.05. 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 company has a market capitalization of $147.05 billion, a price-to-earnings ratio of 21.50, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $260.46.

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 analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 earnings per share. Research analysts predict that The Progressive Co. will post 12.97 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date was Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is 3.42%.

Insider Activity at Progressive

In related news, insider Andrew J. Quigg sold 3,975 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was 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 $7,015,247.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the sale, the insider now owns 32,780 shares in the company, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,383 shares of company stock valued at $33,446,453 over the last three months. 0.34% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on PGR. BMO Capital Markets reduced their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Roth Mkm boosted their price objective on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Keefe, Bruyette & Woods lifted their target price on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday. Barclays began coverage on Progressive in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 target price for the company. Finally, Citigroup dropped their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $268.81.

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.