OLD National Bancorp IN Sells 1,022 Shares of The Progressive Co. (NYSE:PGR)

Posted by Defense World Staff on Apr 24th, 2023

OLD National Bancorp IN cut its holdings in The Progressive Co. (NYSE:PGR – Get Rating) by 9.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,157 shares of the insurance provider’s stock after selling 1,022 shares during the period. OLD National Bancorp IN’s holdings in Progressive were worth $1,317,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Kentucky Retirement Systems boosted its holdings in Progressive by 5.5% in the 3rd quarter. Kentucky Retirement Systems now owns 45,786 shares of the insurance provider’s stock worth $5,321,000 after buying an additional 2,377 shares during the period. Texas Permanent School Fund boosted its holdings in Progressive by 7.1% in the 3rd quarter. Texas Permanent School Fund now owns 82,762 shares of the insurance provider’s stock worth $9,618,000 after buying an additional 5,508 shares during the period. Ronald Blue Trust Inc. boosted its holdings in Progressive by 76.8% in the 4th quarter. Ronald Blue Trust Inc. now owns 5,651 shares of the insurance provider’s stock worth $657,000 after buying an additional 2,454 shares during the period. Engineers Gate Manager LP boosted its holdings in Progressive by 11.2% in the 3rd quarter. Engineers Gate Manager LP now owns 7,450 shares of the insurance provider’s stock worth $866,000 after buying an additional 748 shares during the period. Finally, Evermay Wealth Management LLC boosted its holdings in Progressive by 217.1% in the 4th quarter. Evermay Wealth Management LLC now owns 371 shares of the insurance provider’s stock valued at $48,000 after purchasing an additional 254 shares during the period. 83.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PGR has been the subject of several analyst reports. Barclays cut their price target on shares of Progressive from $123.00 to $121.00 and set an “underweight” rating for the company in a report on Wednesday, April 12th. Wells Fargo & Company raised their price target on shares of Progressive from $158.00 to $159.00 and gave the company an “overweight” rating in a report on Wednesday, April 5th. Citigroup raised their price target on shares of Progressive from $111.00 to $124.00 in a report on Tuesday, April 18th. Roth Mkm raised their price target on shares of Progressive from $150.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, February 16th. Finally, Piper Sandler raised shares of Progressive from an “underweight” rating to a “neutral” rating and raised their price target for the company from $133.00 to $138.00 in a report on Monday, February 13th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $148.60.

Progressive Price Performance

Shares of NYSE:PGR opened at $137.02 on Monday. The stock has a market cap of $80.21 billion, a PE ratio of 97.18, a PEG ratio of 0.93 and a beta of 0.50. The company’s fifty day moving average is $141.89 and its 200 day moving average is $133.61. The Progressive Co. has a 52 week low of $106.35 and a 52 week high of $149.87. The company has a quick ratio of 0.37, a current ratio of 0.40 and a debt-to-equity ratio of 0.38.

Progressive (NYSE:PGR – Get Rating) last issued its earnings results on Wednesday, January 25th. The insurance provider reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.49 by $0.01. The company had revenue of $13.54 billion for the quarter, compared to analysts’ expectations of $13.33 billion. Progressive had a net margin of 1.64% and a return on equity of 13.84%. Research analysts anticipate that The Progressive Co. will post 5.93 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Thursday, April 6th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date was Wednesday, April 5th. Progressive’s payout ratio is 28.37%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 930 shares of the business’s stock in a transaction dated Monday, January 30th. The shares were sold at an average price of $135.50, for a total value of $126,015.00. Following the transaction, the insider now owns 30,041 shares in the company, valued at $4,070,555.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Susan Patricia Griffith sold 15,473 shares of Progressive stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $142.64, for a total transaction of $2,207,068.72. Following the sale, the chief executive officer now owns 431,811 shares of the company’s stock, valued at approximately $61,593,521.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 930 shares of Progressive stock in a transaction dated Monday, January 30th. The shares were sold at an average price of $135.50, for a total transaction of $126,015.00. Following the sale, the insider now directly owns 30,041 shares in the company, valued at approximately $4,070,555.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,987 shares of company stock worth $3,530,098. 0.37% of the stock is currently owned by company insiders.

Progressive Profile

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.