The Progressive Corporation $PGR Position Lessened by Cumberland Partners Ltd

Cumberland Partners Ltd lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 88.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,077 shares of the insurance provider’s stock after selling 8,209 shares during the quarter. Cumberland Partners Ltd’s holdings in Progressive were worth $214,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Klingman & Associates LLC lifted its stake 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 buying an additional 48 shares during the last quarter. Revisor Wealth Management LLC boosted its holdings in shares of Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after acquiring an additional 50 shares during the period. Pines Wealth Management LLC grew its position in shares of Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after acquiring an additional 52 shares during the last quarter. Northwestern Mutual Investment Management Company LLC grew its position in shares of Progressive by 0.3% during 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 acquiring an additional 52 shares during the last quarter. Finally, Phillips Wealth Planners LLC increased its holdings in shares of Progressive by 2.8% in the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock worth $436,000 after acquiring an additional 52 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares of the company’s stock, valued at $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 15,230 shares of company stock valued at $3,165,817. Company insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Keefe, Bruyette & Woods cut their price objective on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $250.00 target price on shares of Progressive in a research report on Tuesday, July 14th. Wells Fargo & Company dropped their price target on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research note on Thursday, July 16th. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $190.00 to $210.00 in a report on Friday. Finally, Evercore set a $240.00 price objective on Progressive in a research report on Friday, July 10th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $236.11.

Progressive Stock Performance

PGR stock opened at $213.85 on Friday. The company has a market capitalization of $124.96 billion, a P/E ratio of 10.72, a PEG ratio of 2.88 and a beta of 0.26. The company has a 50-day simple moving average of $209.88 and a 200 day simple moving average of $205.92. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

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

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.