Fisher Funds Management LTD Sells 24,680 Shares of The Progressive Corporation $PGR

Fisher Funds Management LTD cut its holdings in The Progressive Corporation (NYSE:PGR) by 13.8% during the second quarter, Holdings Channel.com reports. The firm owned 153,654 shares of the insurance provider’s stock after selling 24,680 shares during the quarter. Progressive accounts for about 1.0% of Fisher Funds Management LTD’s portfolio, making the stock its 29th biggest position. Fisher Funds Management LTD’s holdings in Progressive were worth $33,566,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Bogart Wealth LLC boosted its holdings in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the last quarter. Bard Associates Inc. acquired a new stake in Progressive in the 4th quarter valued at $27,000. HHM Wealth Advisors LLC increased its stake in Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after buying an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new stake in Progressive during the 4th quarter worth about $29,000. Finally, Axiom Investment Management LLC bought a new stake in Progressive during the 1st quarter worth about $31,000. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PGR. Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $190.00 to $210.00 in a report on Friday, July 24th. UBS Group upped their target price on Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. HSBC increased their price target on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research report on Monday, July 6th. JPMorgan Chase & Co. lowered their price target on Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Finally, Royal Bank Of Canada set a $208.00 price target on Progressive in a research report on Friday, May 22nd. Five research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $235.00.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the sale, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their position. 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 have sold a total of 74,885 shares of company stock worth $15,880,459 in the last ninety days. Insiders own 0.32% of the company’s stock.

Progressive Trading Down 2.5%

PGR stock opened at $207.04 on Thursday. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The stock has a market cap of $120.37 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 2.86 and a beta of 0.27. The company has a fifty day moving average price of $213.99 and a two-hundred day moving average price of $206.43. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is presently 2.01%.

Progressive 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.