Indiana Trust & Investment Management CO Makes New Investment in The Progressive Co. (NYSE:PGR)

Indiana Trust & Investment Management CO acquired a new stake in The Progressive Co. (NYSE:PGR) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 153 shares of the insurance provider’s stock, valued at approximately $32,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Sachetta LLC bought a new position in Progressive in the fourth quarter valued at approximately $25,000. Northwest Bank & Trust Co bought a new position in shares of Progressive in the fourth quarter valued at $25,000. Valley National Advisers Inc. increased its holdings in Progressive by 143.6% during the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after buying an additional 112 shares during the last quarter. Pinnacle Bancorp Inc. bought a new stake in Progressive during the fourth quarter worth $39,000. Finally, Criterion Capital Advisors LLC acquired a new stake in Progressive in the fourth quarter valued at $47,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PGR shares. Jefferies Financial Group upped their target price on shares of Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a report on Monday, April 15th. Piper Sandler restated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. BMO Capital Markets reiterated an “outperform” rating and set a $235.00 target price on shares of Progressive in a research note on Monday, June 17th. UBS Group boosted their target price on Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Finally, Wells Fargo & Company raised their price target on Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a report on Monday, June 17th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $216.81.

Progressive Stock Down 1.7 %

Shares of PGR opened at $207.71 on Friday. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77. The firm’s 50 day moving average is $209.49 and its 200-day moving average is $193.41. The stock has a market capitalization of $121.66 billion, a PE ratio of 21.26, a P/E/G ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the company earned $0.65 EPS. Equities research analysts forecast that The Progressive Co. will post 11.32 EPS for the current year.

Progressive Announces Dividend

The company 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 dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio is 4.09%.

Insiders Place Their Bets

In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $208.11, for a total transaction of $135,271.50. Following the completion of the sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at approximately $828,485.91. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the transaction, the insider now directly owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Insiders have sold 24,518 shares of company stock worth $5,055,674 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

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.