First Mercantile Trust Co. Has $185,000 Position in The Progressive Co. (NYSE:PGR)

First Mercantile Trust Co. reduced its stake in The Progressive Co. (NYSE:PGR) by 9.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,880 shares of the insurance provider’s stock after selling 200 shares during the period. First Mercantile Trust Co.’s holdings in The Progressive were worth $185,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Eudaimonia Partners LLC boosted its stake in shares of The Progressive by 35.7% in the 1st quarter. Eudaimonia Partners LLC now owns 369 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 97 shares in the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of The Progressive by 57.6% in the 1st quarter. Hexagon Capital Partners LLC now owns 279 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 102 shares in the last quarter. Wesbanco Bank Inc. boosted its stake in shares of The Progressive by 0.6% in the 2nd quarter. Wesbanco Bank Inc. now owns 16,444 shares of the insurance provider’s stock valued at $1,615,000 after purchasing an additional 105 shares in the last quarter. Beacon Pointe Advisors LLC boosted its position in The Progressive by 4.1% during the 1st quarter. Beacon Pointe Advisors LLC now owns 2,668 shares of the insurance provider’s stock worth $254,000 after buying an additional 106 shares during the period. Finally, MACRO Consulting Group boosted its position in The Progressive by 0.5% during the 1st quarter. MACRO Consulting Group now owns 20,202 shares of the insurance provider’s stock worth $1,932,000 after buying an additional 110 shares during the period. Institutional investors own 82.14% of the company’s stock.

NYSE:PGR opened at $93.20 on Wednesday. The company has a fifty day moving average of $95.99 and a 200-day moving average of $96.69. The firm has a market capitalization of $54.54 billion, a P/E ratio of 10.03, a P/E/G ratio of 3.51 and a beta of 0.46. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. The Progressive Co. has a twelve month low of $84.89 and a twelve month high of $107.58.

The Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, August 3rd. The insurance provider reported $0.72 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.36). The Progressive had a net margin of 12.00% and a return on equity of 23.52%. On average, analysts anticipate that The Progressive Co. will post 4.42 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, October 7th will be paid a $0.10 dividend. The ex-dividend date is Wednesday, October 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.43%. The Progressive’s dividend payout ratio is currently 5.35%.

Several equities research analysts recently commented on PGR shares. Raymond James cut their target price on shares of The Progressive from $115.00 to $105.00 and set an “outperform” rating on the stock in a research report on Friday, July 16th. Wolfe Research started coverage on shares of The Progressive in a research report on Monday, August 16th. They set an “underperform” rating and a $85.00 target price on the stock. Barclays cut their target price on shares of The Progressive from $86.00 to $84.00 and set an “underweight” rating on the stock in a research report on Friday, July 16th. Evercore ISI cut their target price on shares of The Progressive from $93.00 to $90.00 and set an “in-line” rating on the stock in a research report on Tuesday, August 17th. Finally, Wells Fargo & Company reiterated a “sell” rating on shares of The Progressive in a research report on Thursday, June 17th. Six research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, The Progressive has an average rating of “Hold” and an average price target of $95.21.

In other The Progressive news, insider Karen Bailo sold 6,326 shares of the business’s stock in a transaction on Thursday, August 19th. The shares were sold at an average price of $95.95, for a total transaction of $606,979.70. Following the completion of the sale, the insider now owns 32,664 shares in the company, valued at approximately $3,134,110.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 45,000 shares of the business’s stock in a transaction on Thursday, June 17th. The shares were sold at an average price of $91.78, for a total transaction of $4,130,100.00. Following the sale, the chief executive officer now owns 365,215 shares of the company’s stock, valued at approximately $33,519,432.70. The disclosure for this sale can be found here. Insiders sold a total of 110,752 shares of company stock valued at $10,324,363 in the last quarter. 0.37% of the stock is currently owned by company insiders.

The Progressive Profile

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.

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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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