Glenmede Trust Co. NA Buys 37,404 Shares of The Progressive Corporation $PGR

Glenmede Trust Co. NA boosted its stake in The Progressive Corporation (NYSE:PGR) by 17.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 256,220 shares of the insurance provider’s stock after purchasing an additional 37,404 shares during the quarter. Glenmede Trust Co. NA’s holdings in Progressive were worth $50,793,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Bard Associates Inc. bought a new position in shares of Progressive during the 4th quarter worth about $27,000. Bogart Wealth LLC increased its position in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after buying an additional 87 shares in the last quarter. IFC & Insurance Marketing Inc. bought a new position in Progressive in the fourth quarter worth approximately $29,000. HHM Wealth Advisors LLC boosted its holdings in Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 126 shares in the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new stake in Progressive in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In other Progressive news, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at $6,880,743.08. The trade was a 20.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the sale, the insider owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. The trade was 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. Over the last ninety days, insiders sold 74,885 shares of company stock worth $15,880,459. Company insiders own 0.32% of the company’s stock.

Progressive Stock Down 0.8%

Shares of NYSE:PGR opened at $211.50 on Friday. The stock has a market cap of $123.59 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 2.88 and a beta of 0.26. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. The business’s 50 day moving average is $211.33 and its 200 day moving average is $206.05.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PGR shares. Royal Bank Of Canada set a $208.00 price objective on Progressive in a report on Friday, May 22nd. BMO Capital Markets reduced their price target on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Wells Fargo & Company lowered their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a report on Thursday, July 16th. Keefe, Bruyette & Woods dropped their price objective on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Finally, Evercore set a $240.00 price objective on shares of Progressive in a report on Friday, July 10th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $236.11.

About Progressive

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.