Raymond James Trust N.A. Boosts Stake in The Progressive Co. (NYSE:PGR)

Raymond James Trust N.A. lifted its holdings in The Progressive Co. (NYSE:PGRGet Rating) by 11.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,431 shares of the insurance provider’s stock after buying an additional 2,864 shares during the period. Raymond James Trust N.A.’s holdings in Progressive were worth $3,189,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blume Capital Management Inc. acquired a new stake in Progressive during the first quarter worth about $25,000. Cornerstone Advisory LLC acquired a new position in shares of Progressive in the fourth quarter valued at approximately $30,000. Byrne Asset Management LLC acquired a new position in shares of Progressive in the fourth quarter valued at approximately $31,000. Steward Financial Group LLC grew its holdings in shares of Progressive by 953.3% in the first quarter. Steward Financial Group LLC now owns 316 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 286 shares in the last quarter. Finally, Core Alternative Capital grew its holdings in shares of Progressive by 1,254.2% in the first quarter. Core Alternative Capital now owns 325 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 301 shares in the last quarter. 85.05% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 0.9 %

Shares of PGR stock opened at $122.42 on Friday. The firm has a market cap of $71.60 billion, a P/E ratio of 87.44, a PEG ratio of 0.85 and a beta of 0.42. The Progressive Co. has a 1-year low of $89.35 and a 1-year high of $129.76. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.40. The firm’s 50-day simple moving average is $121.04 and its 200-day simple moving average is $116.04.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, October 7th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date is Thursday, October 6th. Progressive’s dividend payout ratio (DPR) is presently 28.57%.

Insider Buying and Selling

In related news, insider Patrick K. Callahan sold 19,068 shares of the stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the completion of the sale, the insider now owns 13,151 shares of the company’s stock, valued at approximately $1,654,001.27. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Andrew J. Quigg sold 3,180 shares of the stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $126.43, for a total transaction of $402,047.40. Following the completion of the sale, the insider now owns 24,061 shares of the company’s stock, valued at approximately $3,042,032.23. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 19,068 shares of the stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $125.77, for a total transaction of $2,398,182.36. Following the sale, the insider now directly owns 13,151 shares of the company’s stock, valued at approximately $1,654,001.27. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on PGR shares. Wells Fargo & Company reiterated a “sell” rating and issued a $98.00 price target on shares of Progressive in a research note on Friday, July 15th. Keefe, Bruyette & Woods upgraded shares of Progressive from an “underperform” rating to a “market perform” rating and upped their price target for the company from $96.00 to $107.00 in a research report on Thursday, June 23rd. Jefferies Financial Group upped their price target on shares of Progressive from $106.00 to $125.00 and gave the company a “hold” rating in a research report on Tuesday, July 12th. Credit Suisse Group boosted their price objective on shares of Progressive from $124.00 to $127.00 and gave the company a “neutral” rating in a research note on Thursday, August 18th. Finally, TheStreet cut shares of Progressive from a “b” rating to a “c+” rating in a research note on Friday, July 15th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has an average rating of “Hold” and an average price target of $118.08.

About Progressive

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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