City State Bank Lowers Holdings in The Progressive Co. (NYSE:PGR)

City State Bank decreased its holdings in The Progressive Co. (NYSE:PGR) by 17.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 642 shares of the insurance provider’s stock after selling 132 shares during the period. City State Bank’s holdings in Progressive were worth $85,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Sunbelt Securities Inc. acquired a new position in Progressive during the 1st quarter worth approximately $31,000. Exos TFP Holdings LLC raised its position in shares of Progressive by 270.0% during the 1st quarter. Exos TFP Holdings LLC now owns 222 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 162 shares in the last quarter. Horan Securities Inc. grew its stake in Progressive by 588.6% during the 1st quarter. Horan Securities Inc. now owns 241 shares of the insurance provider’s stock worth $34,000 after buying an additional 206 shares during the last quarter. Neo Ivy Capital Management bought a new position in Progressive during the 2nd quarter worth $35,000. Finally, Arlington Partners LLC grew its stake in Progressive by 47.1% during the 1st quarter. Arlington Partners LLC now owns 256 shares of the insurance provider’s stock worth $37,000 after buying an additional 82 shares during the last quarter. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Progressive Stock Down 0.6 %

Shares of Progressive stock opened at $138.74 on Friday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.42. The Progressive Co. has a 1 year low of $110.04 and a 1 year high of $149.87. The stock has a 50-day moving average price of $129.61 and a 200 day moving average price of $133.63. The company has a market cap of $81.21 billion, a P/E ratio of 47.51, a P/E/G ratio of 1.20 and a beta of 0.47.

Progressive (NYSE:PGR) last issued its earnings results on Thursday, July 13th. The insurance provider reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.38). Progressive had a return on equity of 12.02% and a net margin of 3.12%. The firm had revenue of $15.23 billion during the quarter, compared to analyst estimates of $15.24 billion. As a group, analysts expect that The Progressive Co. will post 4.67 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Thursday, October 5th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.29%. The ex-dividend date is Wednesday, October 4th. Progressive’s payout ratio is currently 13.70%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Raymond James increased their price target on Progressive from $140.00 to $145.00 and gave the stock an “outperform” rating in a research note on Thursday, August 17th. Bank of America increased their price target on Progressive from $198.00 to $206.00 in a research note on Thursday, June 15th. Barclays raised their target price on Progressive from $107.00 to $109.00 and gave the company an “underweight” rating in a research note on Thursday, August 17th. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Morgan Stanley downgraded Progressive from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $135.00 to $114.00 in a report on Tuesday, July 25th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $141.57.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $126.51, for a total value of $1,518,120.00. Following the transaction, the chief financial officer now directly owns 309,507 shares of the company’s stock, valued at approximately $39,155,730.57. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $126.51, for a total transaction of $1,518,120.00. Following the transaction, the chief financial officer now owns 309,507 shares of the company’s stock, valued at approximately $39,155,730.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Barbara R. Snyder sold 21,731 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $133.09, for a total value of $2,892,178.79. Following the transaction, the director now directly owns 6,610 shares in the company, valued at approximately $879,724.90. The disclosure for this sale can be found here. Insiders have sold a total of 62,801 shares of company stock valued at $8,203,964 in the last three months. Insiders own 0.34% of the company’s stock.

Progressive Company Profile

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.