CNB Bank Has $1.05 Million Holdings in The Progressive Co. (NYSE:PGR)

CNB Bank trimmed its holdings in The Progressive Co. (NYSE:PGR) by 1.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 4,387 shares of the insurance provider’s stock after selling 73 shares during the period. CNB Bank’s holdings in Progressive were worth $1,051,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Davis Capital Management acquired a new position in Progressive in the 3rd quarter valued at $25,000. DiNuzzo Private Wealth Inc. increased its position in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC acquired a new position in Progressive in the second quarter valued at about $36,000. Friedenthal Financial bought a new stake in Progressive during the third quarter worth about $49,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Progressive during the third quarter worth about $49,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Progressive stock opened at $245.28 on Friday. The firm has a market cap of $143.69 billion, a P/E ratio of 17.84, a P/E/G ratio of 0.61 and a beta of 0.41. The stock’s 50 day moving average is $250.72 and its 200 day moving average is $242.01. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a one year low of $166.92 and a one year high of $270.62.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. As a group, research analysts expect that The Progressive Co. will post 13.52 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 9,066 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the transaction, the chief executive officer now owns 473,736 shares in the company, valued at approximately $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the sale, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,919 shares of company stock valued at $8,222,168 in the last ninety days. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

PGR has been the subject of several analyst reports. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 target price on shares of Progressive in a research report on Friday, December 13th. Jefferies Financial Group increased their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI lifted their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Finally, TD Cowen upped their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $275.24.

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.