Northwest Bancshares Inc. lessened its holdings in Progressive Corp (NYSE:PGR) by 12.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,364 shares of the insurance provider’s stock after selling 791 shares during the quarter. Northwest Bancshares Inc.’s holdings in Progressive were worth $414,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PGR. Manchester Financial Inc. acquired a new stake in Progressive in the second quarter worth about $25,000. Synovus Financial Corp raised its position in Progressive by 752.4% in the second quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 316 shares in the last quarter. Archford Capital Strategies LLC raised its position in Progressive by 49.5% in the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 135 shares in the last quarter. Mirova bought a new stake in Progressive in the second quarter worth about $43,000. Finally, Virtus ETF Advisers LLC bought a new stake in Progressive in the second quarter worth about $61,000. 78.76% of the stock is owned by hedge funds and other institutional investors.

Several analysts have issued reports on the company. Buckingham Research boosted their price objective on Progressive from $74.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. UBS Group boosted their price objective on Progressive from $88.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, July 29th. ValuEngine upgraded Progressive from a “sell” rating to a “hold” rating in a report on Saturday. Janney Montgomery Scott assumed coverage on Progressive in a report on Thursday, June 20th. They set a “neutral” rating and a $59.00 price objective on the stock. Finally, Barclays set a $90.00 price objective on Progressive and gave the stock a “buy” rating in a report on Friday, September 13th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $83.27.

In related news, CEO Susan Patricia Griffith sold 22,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $76.47, for a total value of $1,720,575.00. Following the completion of the sale, the chief executive officer now owns 352,795 shares of the company’s stock, valued at approximately $26,978,233.65. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider John Jo Murphy sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $81.11, for a total value of $973,320.00. Following the completion of the sale, the insider now directly owns 24,867 shares of the company’s stock, valued at approximately $2,016,962.37. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,500 shares of company stock worth $3,624,855. Company insiders own 0.39% of the company’s stock.

NYSE PGR traded up $0.56 on Wednesday, hitting $74.96. 56,048 shares of the company were exchanged, compared to its average volume of 3,004,278. The company’s 50 day moving average price is $75.90 and its 200-day moving average price is $77.67. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market capitalization of $44.96 billion, a P/E ratio of 16.95, a price-to-earnings-growth ratio of 1.94 and a beta of 0.68. Progressive Corp has a twelve month low of $56.71 and a twelve month high of $84.96.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.43 by $0.23. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The firm had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.13 billion. During the same quarter in the previous year, the company earned $1.19 EPS. The business’s revenue for the quarter was up 12.7% compared to the same quarter last year. As a group, equities analysts expect that Progressive Corp will post 5.4 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, October 4th. This represents a $0.40 annualized dividend and a yield of 0.53%. Progressive’s dividend payout ratio (DPR) is presently 9.05%.

Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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