First American Trust FSB Reduces Stock Position in The Progressive Corporation $PGR

First American Trust FSB lessened its holdings in The Progressive Corporation (NYSE:PGR) by 12.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 32,390 shares of the insurance provider’s stock after selling 4,701 shares during the quarter. First American Trust FSB’s holdings in Progressive were worth $7,376,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Dagco Inc. acquired a new position in Progressive in the fourth quarter valued at $28,000. Ameriflex Group Inc. boosted its stake in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares in the last quarter. Entrust Financial LLC acquired a new position in Progressive in the fourth quarter valued at $33,000. Kingdom Financial Group LLC. acquired a new position in Progressive in the fourth quarter valued at $34,000. Finally, Bangor Savings Bank boosted its stake in Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 58 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR opened at $204.12 on Thursday. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $269.84. The company has a market capitalization of $119.27 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 5.80 and a beta of 0.28. The firm has a 50-day simple moving average of $198.93 and a 200-day simple moving average of $208.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.37 earnings per share. On average, equities research analysts anticipate that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Analyst Ratings Changes

Several research firms have issued reports on PGR. Mizuho decreased their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Argus upgraded shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. Morgan Stanley decreased their price objective on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research note on Tuesday, March 31st. Roth Mkm set a $235.00 target price on shares of Progressive in a research note on Thursday, February 19th. Finally, Bank of America decreased their target price on shares of Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, May 20th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $238.11.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the sale, the insider owned 28,668 shares in the company, valued at $5,733,600. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. The trade was a 12.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 7,343 shares of company stock worth $1,470,355 over the last 90 days. Company insiders own 0.32% of the company’s stock.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.