Freemont Management S.A. Lowers Stock Position in The Progressive Corporation $PGR

Freemont Management S.A. cut its holdings in shares of The Progressive Corporation (NYSE:PGR) by 89.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 700 shares of the insurance provider’s stock after selling 5,800 shares during the period. Freemont Management S.A.’s holdings in Progressive were worth $173,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Davis Capital Management purchased a new position in shares of Progressive in the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive during the 2nd quarter worth $33,000. Howard Hughes Medical Institute bought a new stake in Progressive during the second quarter valued at about $34,000. Westside Investment Management Inc. grew its stake in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. Finally, TruNorth Capital Management LLC raised its holdings in Progressive by 450.0% in the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent analyst reports. BMO Capital Markets lowered their price target on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a report on Thursday, January 29th. JPMorgan Chase & Co. lowered their target price on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Keefe, Bruyette & Woods reduced their price target on Progressive from $252.00 to $225.00 and set a “market perform” rating on the stock in a research report on Friday, January 30th. Citigroup decreased their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Finally, The Goldman Sachs Group set a $227.00 target price on Progressive in a research note on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $250.35.

Progressive Price Performance

NYSE PGR opened at $205.60 on Friday. The company has a market cap of $120.56 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 7.30 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The stock’s fifty day moving average price is $215.35 and its 200 day moving average price is $228.25. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Insider Transactions at Progressive

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the sale, the insider directly owned 39,626 shares in the company, valued at approximately $8,097,573.10. The trade was a 4.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the sale, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. The trade was a 2.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 12,443 shares of company stock worth $2,723,061. 0.34% of the stock is owned by company insiders.

About Progressive

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.