Central Pacific Bank Trust Division Sells 4,314 Shares of The Progressive Corporation $PGR

Central Pacific Bank Trust Division reduced its stake in The Progressive Corporation (NYSE:PGR) by 20.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,031 shares of the insurance provider’s stock after selling 4,314 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Progressive were worth $4,206,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. New York Life Investment Management LLC boosted its stake in Progressive by 1.4% in the 2nd 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 period. Baron Silver Stevens Financial Advisors LLC purchased a new stake in shares of Progressive in the second quarter worth about $306,000. Wakefield Asset Management LLLP boosted its position in shares of Progressive by 199.0% in the second quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock valued at $2,511,000 after acquiring an additional 6,263 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Progressive in the second quarter valued at approximately $13,583,000. Finally, Whalen Wealth Management Inc. bought a new stake in Progressive during the 2nd quarter worth approximately $647,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 0.6%

Shares of PGR opened at $236.20 on Tuesday. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a 50 day simple moving average of $223.98 and a two-hundred day simple moving average of $242.19. The firm has a market cap of $138.51 billion, a P/E ratio of 12.96, a P/E/G ratio of 1.05 and a beta of 0.36.

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

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Friday, January 2nd. Progressive’s dividend payout ratio is presently 2.19%.

Insider Buying and Selling

In other news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the transaction, the insider owned 27,698 shares in the company, valued at approximately $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the sale, the insider owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 17,673 shares of company stock valued at $4,163,005 over the last three months. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PGR has been the subject of several analyst reports. UBS Group cut 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. Wells Fargo & Company upped their target price on Progressive from $246.00 to $247.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 20th. Mizuho set a $242.00 price target on Progressive in a research report on Monday. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 8th. Finally, Bank of America dropped their target price on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research report on Tuesday, December 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $264.92.

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.