Synergy Asset Management LLC Cuts Stake in The Progressive Corporation $PGR

Synergy Asset Management LLC reduced its stake in The Progressive Corporation (NYSE:PGR) by 5.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 1,605 shares of the insurance provider’s stock after selling 92 shares during the quarter. Synergy Asset Management LLC’s holdings in Progressive were worth $428,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. Highline Wealth Partners LLC boosted its holdings in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after buying an additional 49 shares during the last quarter. TruNorth Capital Management LLC raised its stake in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 63 shares during the period. HWG Holdings LP bought a new stake in Progressive in the 1st quarter valued at about $28,000. Garde Capital Inc. bought a new stake in Progressive in the 1st quarter valued at about $33,000. Finally, Ransom Advisory Ltd bought a new stake in Progressive in the 1st quarter valued at about $35,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Down 1.2%

Shares of PGR opened at $243.47 on Friday. The business’s 50-day moving average price is $245.23 and its 200-day moving average price is $261.09. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The stock has a market cap of $142.73 billion, a PE ratio of 13.72, a P/E/G ratio of 1.37 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. During the same period in the prior year, the business posted $2.48 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. On average, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s dividend payout ratio is 2.25%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group lowered their price objective on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. Wells Fargo & Company restated an “equal weight” rating and issued a $265.00 price objective (down from $327.00) on shares of Progressive in a research note on Thursday, September 18th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research note on Wednesday, August 13th. BMO Capital Markets set a $252.00 price objective on Progressive in a research note on Thursday, September 18th. Finally, Citigroup restated a “buy” rating on shares of Progressive in a research note on Friday, August 29th. Six equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $279.63.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 16,664 shares of the company’s stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $56,832,701.76. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Bailo sold 8,922 shares of the company’s stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the completion of the transaction, the insider owned 32,346 shares in the company, valued at approximately $8,061,917.04. This trade represents a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 130,045 shares of company stock valued at $31,997,390 in the last 90 days. 0.34% of the stock is owned by company insiders.

Progressive Company 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.