First Hawaiian Bank Buys 13,633 Shares of Progressive Corp (PGR)

First Hawaiian Bank grew its position in Progressive Corp (NYSE:PGR) by 50.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 40,741 shares of the insurance provider’s stock after purchasing an additional 13,633 shares during the quarter. First Hawaiian Bank’s holdings in Progressive were worth $2,937,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of PGR. Liberty Wealth Management LLC purchased a new stake in shares of Progressive in the fourth quarter valued at about $30,000. Machina Capital S.A.S. bought a new position in Progressive during the fourth quarter valued at about $1,490,000. Occidental Asset Management LLC grew its position in Progressive by 4.0% during the fourth quarter. Occidental Asset Management LLC now owns 11,714 shares of the insurance provider’s stock valued at $707,000 after buying an additional 452 shares during the period. Van Leeuwen & Company LLC grew its position in Progressive by 28.3% during the fourth quarter. Van Leeuwen & Company LLC now owns 16,705 shares of the insurance provider’s stock valued at $1,008,000 after buying an additional 3,684 shares during the period. Finally, MUFG Securities EMEA plc grew its position in Progressive by 2,830.2% during the fourth quarter. MUFG Securities EMEA plc now owns 463,200 shares of the insurance provider’s stock valued at $27,945,000 after buying an additional 447,392 shares during the period. 80.57% of the stock is currently owned by institutional investors.

In other Progressive news, insider Susan Patricia Griffith sold 12,600 shares of the company’s stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $70.30, for a total value of $885,780.00. Following the completion of the transaction, the insider now directly owns 260,138 shares in the company, valued at approximately $18,287,701.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John A. Barbagallo sold 45,000 shares of the stock in a transaction that occurred on Friday, January 25th. The shares were sold at an average price of $65.44, for a total value of $2,944,800.00. Following the transaction, the insider now owns 132,370 shares of the company’s stock, valued at $8,662,292.80. The disclosure for this sale can be found here. Insiders have sold a total of 114,100 shares of company stock valued at $7,722,825 in the last ninety days. Insiders own 0.39% of the company’s stock.

PGR has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a research report on Wednesday, January 2nd. Credit Suisse Group raised their price objective on shares of Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Wednesday. Barclays raised their target price on shares of Progressive from $81.00 to $86.00 and gave the company an “overweight” rating in a research note on Monday, April 1st. Citigroup raised their target price on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 14th. Finally, Wells Fargo & Co set a $73.00 target price on shares of Progressive and gave the company a “hold” rating in a research note on Thursday, February 14th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $73.71.

Shares of PGR stock traded down $0.65 during mid-day trading on Wednesday, reaching $76.61. 57,225 shares of the company’s stock traded hands, compared to its average volume of 2,372,226. Progressive Corp has a 12 month low of $56.71 and a 12 month high of $77.30. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. The stock has a market cap of $42.20 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 1.94 and a beta of 0.77.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.45. Progressive had a return on equity of 24.83% and a net margin of 8.16%. The business had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.20 billion. During the same quarter in the previous year, the firm earned $1.22 EPS. Progressive’s revenue was up 16.0% on a year-over-year basis. On average, sell-side analysts forecast that Progressive Corp will post 5.07 earnings per share for the current fiscal year.

The firm also recently declared an annual dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, April 5th were given a dividend of $0.10 per share. This represents a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 4th. Progressive’s payout ratio is currently 59.05%.

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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, Property, and Other Indemnity.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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