Trustmark National Bank Trust Department Purchases New Stake in The Progressive Co. (NYSE:PGR)

Trustmark National Bank Trust Department purchased a new stake in The Progressive Co. (NYSE:PGR) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,139 shares of the insurance provider’s stock, valued at approximately $236,000.

Other hedge funds have also added to or reduced their stakes in the company. Dorsey & Whitney Trust CO LLC boosted its holdings in Progressive by 1.2% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,640 shares of the insurance provider’s stock worth $960,000 after buying an additional 56 shares during the last quarter. Balentine LLC boosted its holdings in Progressive by 0.3% during the fourth quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock worth $3,530,000 after buying an additional 58 shares during the last quarter. Compass Ion Advisors LLC boosted its holdings in Progressive by 0.8% during the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after buying an additional 59 shares during the last quarter. Proficio Capital Partners LLC boosted its holdings in Progressive by 3.2% during the first quarter. Proficio Capital Partners LLC now owns 2,053 shares of the insurance provider’s stock worth $425,000 after buying an additional 63 shares during the last quarter. Finally, Independent Advisor Alliance boosted its holdings in Progressive by 1.9% during the fourth quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock worth $548,000 after buying an additional 64 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.2 %

Progressive stock traded down $0.52 during midday trading on Tuesday, reaching $215.78. The stock had a trading volume of 1,891,875 shares, compared to its average volume of 2,596,411. The stock has a market capitalization of $126.38 billion, a P/E ratio of 22.14, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35. The Progressive Co. has a 1-year low of $121.87 and a 1-year high of $229.00. The firm’s fifty day simple moving average is $209.96 and its 200-day simple moving average is $200.08. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.32 and a current ratio of 0.33.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.57 EPS. As a group, analysts expect that The Progressive Co. will post 12.01 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date was Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insiders Place Their Bets

In other Progressive news, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the transaction, the director now owns 974 shares of the company’s stock, valued at approximately $213,383.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction 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 approximately $828,485.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the transaction, the director now owns 974 shares of the company’s stock, valued at $213,383.92. The disclosure for this sale can be found here. Insiders have sold 35,647 shares of company stock valued at $7,417,765 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. HSBC raised their target price on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Morgan Stanley cut their price objective on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Keefe, Bruyette & Woods upgraded Progressive from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $210.00 to $245.00 in a report on Wednesday, July 17th. Roth Mkm reiterated a “buy” rating and set a $235.00 price objective on shares of Progressive in a report on Wednesday, July 17th. Finally, UBS Group lifted their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average target price of $222.94.

Progressive 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.