Glenview Trust co Increases Stock Position in The Progressive Co. (NYSE:PGR)

Glenview Trust co increased its position in shares of The Progressive Co. (NYSE:PGR) by 32.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,299 shares of the insurance provider’s stock after buying an additional 2,980 shares during the period. Glenview Trust co’s holdings in Progressive were worth $2,947,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Webster Bank N. A. purchased a new stake in shares of Progressive during the fourth quarter worth about $26,000. Hager Investment Management Services LLC acquired a new stake in Progressive during the 4th quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC increased its holdings in Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the last quarter. Valley National Advisers Inc. raised its position in shares of Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares in the last quarter. Finally, Atala Financial Inc purchased a new position in shares of Progressive during the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now owns 282,958 shares of the company’s stock, valued at approximately $67,530,756.28. This trade represents a 3.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 1,227 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $281.00, for a total transaction of $344,787.00. Following the completion of the sale, the executive now directly owns 28,393 shares of the company’s stock, valued at approximately $7,978,433. This represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 62,257 shares of company stock valued at $15,752,781. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on PGR shares. UBS Group upped their price target on shares of Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Friday. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Friday. Keefe, Bruyette & Woods cut their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, Roth Mkm lifted their target price on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $281.76.

Progressive Trading Up 1.6 %

Shares of NYSE:PGR opened at $283.87 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $258.14 and its 200 day moving average price is $254.07. The company has a market cap of $166.41 billion, a PE ratio of 19.71, a P/E/G ratio of 1.70 and a beta of 0.35. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $287.49.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Sell-side analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid a $0.10 dividend. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive’s payout ratio is 2.78%.

Progressive 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.