UMB Bank N A MO Has $6.21 Million Stock Position in Progressive Corp (NYSE:PGR)

UMB Bank N A MO grew its stake in shares of Progressive Corp (NYSE:PGR) by 17.7% during the 2nd quarter, Holdings Channel reports. The firm owned 77,638 shares of the insurance provider’s stock after buying an additional 11,648 shares during the period. UMB Bank N A MO’s holdings in Progressive were worth $6,206,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of PGR. Manchester Financial Inc. acquired a new position in shares of Progressive during the 2nd quarter worth approximately $25,000. Jackson Grant Investment Advisers Inc. acquired a new position in shares of Progressive during the 1st quarter worth approximately $26,000. Archford Capital Strategies LLC increased its position in shares of Progressive by 49.5% during the 2nd quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 135 shares during the last quarter. Ropes Wealth Advisors LLC acquired a new position in shares of Progressive during the 1st quarter worth approximately $39,000. Finally, Dakota Wealth Management acquired a new position in shares of Progressive during the 1st quarter worth approximately $52,000. 79.14% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PGR stock traded up $0.77 during trading on Friday, reaching $80.60. 2,576,879 shares of the company’s stock were exchanged, compared to its average volume of 2,565,006. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.40. The stock has a market capitalization of $46.62 billion, a PE ratio of 18.24, a PEG ratio of 2.03 and a beta of 0.66. Progressive Corp has a twelve month low of $56.71 and a twelve month high of $84.96. The business has a fifty day moving average price of $81.34.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.23. The business had revenue of $9.13 billion for the quarter, compared to analyst estimates of $9.13 billion. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The firm’s revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.19 EPS. Sell-side analysts anticipate that Progressive Corp will post 5.36 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, October 7th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend is Friday, October 4th. Progressive’s payout ratio is presently 9.05%.

In related news, insider Susan Patricia Griffith sold 22,500 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $78.01, for a total transaction of $1,755,225.00. Following the transaction, the insider now directly owns 250,162 shares of the company’s stock, valued at approximately $19,515,137.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $81.63, for a total value of $979,560.00. Following the transaction, the chief financial officer now directly owns 335,815 shares in the company, valued at $27,412,578.45. The disclosure for this sale can be found here. Insiders have sold a total of 69,000 shares of company stock worth $5,483,115 over the last three months. 0.39% of the stock is owned by insiders.

Several research firms have weighed in on PGR. Barclays boosted their price target on Progressive from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, July 1st. Janney Montgomery Scott began coverage on Progressive in a research report on Thursday, June 20th. They set a “neutral” rating and a $59.00 price target on the stock. Wells Fargo & Co reaffirmed a “hold” rating and set a $81.00 price target on shares of Progressive in a research report on Wednesday, July 17th. Credit Suisse Group boosted their price target on Progressive from $80.00 to $84.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 17th. Finally, B. Riley boosted their price target on Progressive from $89.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Six analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Progressive presently has a consensus rating of “Buy” and a consensus target price of $82.92.

Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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