Haverford Trust Co Acquires Shares of 5,220 The Progressive Corporation $PGR

Haverford Trust Co acquired a new stake in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,220 shares of the insurance provider’s stock, valued at approximately $1,140,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. S&G Foundation acquired a new stake in shares of Progressive in the 2nd quarter worth about $18,830,000. Davis Asset Management L.P. acquired a new position in Progressive during the 2nd quarter valued at about $110,210,000. First Nebraska Trust Co bought a new stake in Progressive during the 2nd quarter worth approximately $472,000. Bank of Nova Scotia bought a new stake in Progressive during the 2nd quarter worth approximately $76,260,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Progressive during the 2nd quarter worth approximately $4,363,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Lori A. Niederst sold 7,339 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the transaction, the insider owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. The trade was a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares of the company’s stock, valued at $8,782,595.70. This trade represents a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 82,224 shares of company stock valued at $17,416,438. 0.32% of the stock is currently owned by insiders.

Progressive Trading Down 0.4%

NYSE:PGR opened at $219.45 on Friday. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $252.82. The firm has a 50-day moving average price of $215.53 and a two-hundred day moving average price of $206.64. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market cap of $127.58 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 2.94 and a beta of 0.27.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.40 EPS. On average, equities analysts expect that The Progressive Corporation will post 17.71 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is 2.01%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent research reports. Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $190.00 to $210.00 in a report on Friday, July 24th. BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a report on Wednesday. Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. Finally, Bank of America cut their price objective on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $236.05.

Progressive Company 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.