CNB Bank Has $1.05 Million Position in The Progressive Co. (NYSE:PGR)

CNB Bank lessened its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.6% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 4,387 shares of the insurance provider’s stock after selling 73 shares during the period. CNB Bank’s holdings in Progressive were worth $1,051,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Davis Capital Management bought a new position in Progressive during the 3rd quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. raised its holdings in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC bought a new position in shares of Progressive during the second quarter worth $36,000. Friedenthal Financial acquired a new position in shares of Progressive in the 3rd quarter valued at $49,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Progressive in the 3rd quarter valued at $49,000. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,919 shares of company stock valued at $8,222,168 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Down 0.1 %

Shares of NYSE:PGR opened at $245.28 on Friday. The Progressive Co. has a 52-week low of $166.92 and a 52-week high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $143.69 billion, a P/E ratio of 17.84, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41. The company has a 50-day simple moving average of $250.72 and a 200 day simple moving average of $242.01.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Sell-side analysts forecast that The Progressive Co. will post 13.52 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is 2.91%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Barclays cut their price objective on Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research report on Thursday, December 26th. Bank of America raised their target price on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Finally, BMO Capital Markets reduced their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Progressive has an average rating of “Moderate Buy” and an average target price of $275.24.

Progressive Company 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.