The Progressive Corporation $PGR Shares Sold by Summit Global Investments

Summit Global Investments reduced its holdings in The Progressive Corporation (NYSE:PGR) by 9.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,446 shares of the insurance provider’s stock after selling 3,034 shares during the period. Summit Global Investments’ holdings in Progressive were worth $6,036,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Klingman & Associates LLC boosted its holdings in Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after purchasing an additional 48 shares during the last quarter. Revisor Wealth Management LLC raised its stake in shares of Progressive by 2.7% during the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after buying an additional 50 shares during the last quarter. Cullen Investment Group LTD. lifted its holdings in shares of Progressive by 0.7% in the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after buying an additional 52 shares during the period. Pines Wealth Management LLC lifted its holdings in shares of Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after buying an additional 52 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after buying an additional 52 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the sale, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. This represents a 12.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 15,230 shares of company stock valued at $3,165,817 in the last three months. 0.32% of the stock is currently owned by company insiders.

Progressive Stock Performance

NYSE PGR opened at $212.09 on Tuesday. The stock has a market capitalization of $123.93 billion, a price-to-earnings ratio of 10.64, a PEG ratio of 4.86 and a beta of 0.26. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The stock has a 50-day moving average of $209.08 and a 200 day moving average of $206.22.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a $0.10 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is 2.01%.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. Morgan Stanley dropped their target price on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Mizuho upped their price objective on Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Jefferies Financial Group dropped their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a research note on Tuesday, March 24th. Finally, Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a report on Friday, May 22nd. Five analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $235.05.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.