Summit Global Investments reduced its stake in The Progressive Corporation (NYSE:PGR – Free Report) by 41.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,188 shares of the insurance provider’s stock after selling 13,032 shares during the quarter. Summit Global Investments’ holdings in Progressive were worth $3,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also bought and sold shares of the company. Aprio Wealth Management LLC increased its stake in Progressive by 3.2% in the third quarter. Aprio Wealth Management LLC now owns 1,889 shares of the insurance provider’s stock valued at $392,000 after acquiring an additional 58 shares during the last quarter. State of Wyoming grew its position in Progressive by 22.3% during the 3rd quarter. State of Wyoming now owns 1,273 shares of the insurance provider’s stock worth $264,000 after acquiring an additional 232 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Progressive by 329.3% during the 3rd quarter. International Assets Investment Management LLC now owns 24,521 shares of the insurance provider’s stock valued at $5,083,000 after buying an additional 18,809 shares during the last quarter. Glenview Trust Co boosted its holdings in shares of Progressive by 5.0% during the third quarter. Glenview Trust Co now owns 21,323 shares of the insurance provider’s stock worth $4,420,000 after purchasing an additional 1,017 shares during the period. Finally, Soltis Investment Advisors LLC increased its position in Progressive by 461.9% during the 3rd quarter. Soltis Investment Advisors LLC now owns 14,515 shares of the insurance provider’s stock valued at $3,009,000 after purchasing an additional 11,932 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have weighed in on PGR. Barclays lifted their price objective on Progressive from $246.00 to $247.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Cantor Fitzgerald reduced their price objective on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research report on Monday, August 17th. Wells Fargo & Company lowered their price objective on Progressive from $201.00 to $196.00 and set an “underweight” rating for the company in a research note on Thursday, October 15th. Raymond James Financial reissued an “outperform” rating on shares of Progressive in a report on Friday, October 16th. Finally, Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $190.00 to $210.00 in a report on Friday, July 24th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $234.45.
Check Out Our Latest Research Report on Progressive
Progressive Price Performance
PGR opened at $231.20 on Friday. The stock has a market capitalization of $134.41 billion, a P/E ratio of 11.64, a P/E/G ratio of 2.67 and a beta of 0.25. The company’s 50-day simple moving average is $217.64 and its two-hundred day simple moving average is $209.28. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $239.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31.
Progressive Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive’s dividend payout ratio is presently 2.01%.
Insider Buying and Selling at Progressive
In other Progressive news, CEO Susan Griffith sold 37,338 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the transaction, the chief executive officer directly owned 485,438 shares of the company’s stock, valued at approximately $106,553,641. This trade represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the firm’s stock in a transaction that occurred on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the transaction, the insider directly owned 28,807 shares in the company, valued at approximately $6,433,179.24. The trade was a 4.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 48,352 shares of company stock valued at $10,524,258. 0.32% of the stock is owned by company insiders.
Progressive Profile
Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.
The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.
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