Massmutual Trust Co. FSB ADV Acquires 73 Shares of The Progressive Co. (NYSE:PGR)

Massmutual Trust Co. FSB ADV raised its holdings in shares of The Progressive Co. (NYSE:PGR) by 4.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,765 shares of the insurance provider’s stock after purchasing an additional 73 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Progressive were worth $365,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Sachetta LLC bought a new position in shares of Progressive in the 4th quarter valued at about $25,000. Northwest Bank & Trust Co purchased a new position in shares of Progressive in the 4th quarter worth approximately $25,000. Valley National Advisers Inc. increased its position in shares of Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 112 shares during the last quarter. Pinnacle Bancorp Inc. purchased a new stake in Progressive during the 4th quarter valued at $39,000. Finally, Criterion Capital Advisors LLC bought a new stake in Progressive in the fourth quarter worth $47,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on PGR. HSBC upped their price target on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Wells Fargo & Company increased their price target on Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a report on Monday. BMO Capital Markets restated an “outperform” rating and set a $235.00 price objective on shares of Progressive in a report on Monday. Morgan Stanley reduced their target price on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. Finally, Jefferies Financial Group lifted their target price on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and an average target price of $216.81.

Insider Buying and Selling

In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the transaction, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at $828,485.91. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at $828,485.91. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders sold 21,468 shares of company stock worth $4,415,753 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

PGR stock opened at $210.78 on Friday. The firm has a 50-day simple moving average of $209.43 and a two-hundred day simple moving average of $191.46. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The Progressive Co. has a one year low of $111.41 and a one year high of $217.77. The firm has a market cap of $123.45 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 0.81 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter in the prior year, the company posted $0.65 earnings per share. Progressive’s revenue for the quarter was up 17.7% compared to the same quarter last year. On average, equities analysts forecast that The Progressive Co. will post 11.33 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s payout ratio is currently 4.09%.

About Progressive

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.