Avalon Trust Co Buys 8,692 Shares of The Progressive Corporation $PGR

Avalon Trust Co boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 8.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,827 shares of the insurance provider’s stock after acquiring an additional 8,692 shares during the quarter. Progressive accounts for about 1.9% of Avalon Trust Co’s investment portfolio, making the stock its 14th largest holding. Avalon Trust Co’s holdings in Progressive were worth $29,097,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Davis Capital Management bought a new position in shares of Progressive in the third quarter worth approximately $25,000. Atlantic Union Bankshares Corp purchased a new stake in Progressive during the 2nd quarter valued at $33,000. Westside Investment Management Inc. grew its holdings in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares during the last quarter. Howard Hughes Medical Institute purchased a new position in shares of Progressive in the second quarter valued at about $34,000. Finally, TruNorth Capital Management LLC increased its position in shares of Progressive by 450.0% in the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 135 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 1.1%

NYSE PGR opened at $204.07 on Monday. The firm has a market capitalization of $119.67 billion, a PE ratio of 10.61, a P/E/G ratio of 8.92 and a beta of 0.33. The stock’s 50 day moving average is $212.67 and its 200 day moving average is $226.45. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.08%.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the transaction, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This trade represents a 4.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 3,105 shares of the company’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the sale, the executive owned 26,249 shares in the company, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 11,098 shares of company stock valued at $2,416,011 in the last quarter. 0.33% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PGR shares. 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 report on Tuesday, December 9th. William Blair cut Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. JPMorgan Chase & Co. cut their price objective on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Morgan Stanley decreased their target price on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a report on Wednesday, January 28th. Finally, Keefe, Bruyette & Woods raised their price target on Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research note on Thursday. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and an average target price of $245.29.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.