Moody National Bank Trust Division Takes Position in The Progressive Co. (NYSE:PGR)

Moody National Bank Trust Division bought a new position in shares of The Progressive Co. (NYSE:PGRGet Rating) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 6,696 shares of the insurance provider’s stock, valued at approximately $779,000.

Other institutional investors have also added to or reduced their stakes in the company. Oak Thistle LLC acquired a new stake in Progressive during the first quarter valued at approximately $239,000. First Republic Investment Management Inc. boosted its holdings in Progressive by 9.6% during the first quarter. First Republic Investment Management Inc. now owns 630,991 shares of the insurance provider’s stock valued at $71,927,000 after purchasing an additional 55,106 shares in the last quarter. CAPROCK Group Inc. boosted its holdings in Progressive by 9.6% during the first quarter. CAPROCK Group Inc. now owns 5,950 shares of the insurance provider’s stock valued at $678,000 after purchasing an additional 522 shares in the last quarter. Offit Capital Advisors LLC acquired a new stake in Progressive during the first quarter valued at approximately $418,000. Finally, Western Wealth Management LLC raised its stake in shares of Progressive by 70.5% in the first quarter. Western Wealth Management LLC now owns 6,002 shares of the insurance provider’s stock valued at $685,000 after acquiring an additional 2,482 shares during the last quarter. 85.05% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Andrew J. Quigg sold 3,180 shares of the company’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $126.43, for a total transaction of $402,047.40. Following the transaction, the insider now owns 24,061 shares in the company, valued at $3,042,032.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.37% of the company’s stock.

Progressive Price Performance

PGR stock opened at $124.89 on Friday. The firm has a market cap of $73.05 billion, a price-to-earnings ratio of 89.21, a PEG ratio of 1.48 and a beta of 0.42. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.42. The Progressive Co. has a 12-month low of $89.35 and a 12-month high of $129.76. The company’s fifty day simple moving average is $120.46 and its 200 day simple moving average is $115.54.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, October 7th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.32%. Progressive’s dividend payout ratio is currently 28.57%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PGR. Citigroup began coverage on shares of Progressive in a research note on Monday, May 23rd. They issued a “sell” rating and a $93.00 target price for the company. Keefe, Bruyette & Woods upgraded shares of Progressive from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $96.00 to $107.00 in a research report on Thursday, June 23rd. Barclays boosted their price objective on shares of Progressive from $90.00 to $106.00 and gave the stock an “underweight” rating in a research report on Thursday, August 18th. Jefferies Financial Group boosted their price objective on shares of Progressive from $106.00 to $125.00 and gave the stock a “hold” rating in a research report on Tuesday, July 12th. Finally, Morgan Stanley boosted their price objective on shares of Progressive from $121.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Friday, August 19th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Progressive presently has an average rating of “Hold” and an average price target of $118.08.

Progressive Company Profile

(Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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