First American Trust FSB Grows Stake in The Progressive Corporation $PGR

First American Trust FSB boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 50.7% in the second quarter, Holdings Channel reports. The fund owned 38,448 shares of the insurance provider’s stock after purchasing an additional 12,927 shares during the quarter. First American Trust FSB’s holdings in Progressive were worth $10,260,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. New York Life Investment Management LLC increased its holdings in shares of Progressive by 1.4% in the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after purchasing an additional 1,192 shares during the last quarter. Baron Silver Stevens Financial Advisors LLC purchased a new position in Progressive during the 2nd quarter valued at approximately $306,000. Wakefield Asset Management LLLP increased its stake in Progressive by 199.0% in the 2nd quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock worth $2,511,000 after acquiring an additional 6,263 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Progressive during the 2nd quarter worth approximately $13,583,000. Finally, Whalen Wealth Management Inc. bought a new position in shares of Progressive during the 2nd quarter valued at approximately $647,000. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PGR shares. Barclays reduced their price target on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research report on Monday, October 20th. Morgan Stanley set a $214.00 target price on shares of Progressive and gave the stock an “underweight” rating in a report on Monday, October 20th. UBS Group lowered their price target on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a report on Wednesday, October 8th. Evercore ISI dropped their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Finally, Citigroup decreased their price objective on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Six research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $265.96.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $250.78, for a total value of $556,230.04. Following the transaction, the insider owned 45,724 shares of the company’s stock, valued at $11,466,664.72. This trade represents a 4.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $220.00, for a total transaction of $295,900.00. Following the sale, the insider owned 29,043 shares of the company’s stock, valued at $6,389,460. The trade was a 4.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 51,782 shares of company stock worth $12,708,788. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $225.30 on Tuesday. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The company’s 50-day moving average is $230.61 and its 200 day moving average is $249.82. The firm has a market capitalization of $132.11 billion, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the prior year, the company posted $3.58 EPS. Research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

About Progressive

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.