FineMark National Bank & Trust Boosts Position in The Progressive Corporation $PGR

FineMark National Bank & Trust lifted its position in The Progressive Corporation (NYSE:PGR) by 1.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,318 shares of the insurance provider’s stock after buying an additional 733 shares during the quarter. FineMark National Bank & Trust’s holdings in Progressive were worth $16,897,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp bought a new position in Progressive in the 2nd quarter valued at $33,000. Westside Investment Management Inc. boosted its stake in Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares during the period. Ransom Advisory Ltd purchased a new position in Progressive during the first quarter worth about $35,000. Activest Wealth Management increased its stake in Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 127 shares during the last quarter. Finally, Richardson Financial Services Inc. raised its holdings in shares of Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 132 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,345 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $220.00, for a total transaction of $295,900.00. Following the completion of the sale, the insider directly owned 29,043 shares in the company, valued at $6,389,460. This represents a 4.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 51,782 shares of company stock worth $12,708,788. Insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of Progressive stock opened at $225.10 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The Progressive Corporation has a 52-week low of $199.90 and a 52-week high of $292.99. The company has a fifty day moving average of $230.24 and a 200-day moving average of $249.42. The stock has a market capitalization of $132.00 billion, a price-to-earnings ratio of 12.35, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter in the previous year, the business earned $3.58 EPS. Equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Jefferies Financial Group lowered Progressive from a “buy” rating to a “hold” rating and cut their price objective for the stock from $261.00 to $232.00 in a report on Friday. Raymond James Financial cut their price target on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a research report on Wednesday, August 13th. Weiss Ratings downgraded shares of Progressive from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Finally, The Goldman Sachs Group reduced their target price on Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus target price of $265.96.

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.