PNC Financial Services Group Inc. Buys 9,470 Shares of The Progressive Corporation $PGR

PNC Financial Services Group Inc. lifted its holdings in The Progressive Corporation (NYSE:PGR) by 3.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 317,853 shares of the insurance provider’s stock after buying an additional 9,470 shares during the period. PNC Financial Services Group Inc.’s holdings in Progressive were worth $63,011,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PGR. Brighton Jones LLC raised its position in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in Progressive in the 4th quarter valued at $269,000. Bison Wealth LLC boosted its holdings in Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the period. HUB Investment Partners LLC boosted its position in shares of Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after acquiring an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC lifted its stake in Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after purchasing an additional 1,622 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and set a $210.00 target price on the stock in a research report on Friday. BMO Capital Markets dropped their target price on Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. Mizuho raised their price target on Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. HSBC upped their price objective on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a report on Monday, July 6th. Finally, Keefe, Bruyette & Woods cut their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research note on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $236.11.

Insiders Place Their Bets

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares of the company’s stock, valued at $4,877,376.18. This represents a 23.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the transaction, the insider directly owned 41,290 shares of the company’s stock, valued at $8,258,000. This trade represents a 12.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 15,230 shares of company stock worth $3,165,817. Corporate insiders own 0.32% of the company’s stock.

Progressive Stock Up 1.2%

Shares of NYSE:PGR opened at $207.06 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The firm has a fifty day moving average price of $209.60 and a 200 day moving average price of $205.86. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93. The stock has a market cap of $120.99 billion, a P/E ratio of 10.38, a P/E/G ratio of 2.75 and a beta of 0.26.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.01%.

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.