The Progressive Corporation $PGR Shares Sold by Summit Global Investments

Summit Global Investments lessened its holdings in shares of The Progressive Corporation (NYSE:PGR) by 9.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,446 shares of the insurance provider’s stock after selling 3,034 shares during the quarter. Summit Global Investments’ holdings in Progressive were worth $6,036,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of PGR. Allstate Corp increased its stake in Progressive by 106.1% during the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after buying an additional 22,915 shares during the period. Norges Bank purchased a new stake in Progressive during the 4th quarter worth about $1,836,094,000. Investment House LLC acquired a new position in Progressive in the fourth quarter valued at approximately $8,447,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Progressive by 5.7% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock valued at $411,506,000 after buying an additional 97,275 shares in the last quarter. Finally, Van Cleef Asset Management Inc boosted its stake in Progressive by 1.2% in the fourth quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider’s stock valued at $173,429,000 after acquiring an additional 9,017 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The stock was 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 owned 41,290 shares of the company’s stock, valued at $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the sale, 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 position. The SEC filing for this sale provides additional information. Insiders have sold 15,230 shares of company stock valued at $3,165,817 in the last ninety days. Insiders own 0.32% of the company’s stock.

Progressive Stock Up 2.0%

Shares of NYSE PGR opened at $212.09 on Tuesday. The firm’s 50-day moving average is $209.08 and its two-hundred day moving average is $206.22. The company has a market capitalization of $123.93 billion, a PE ratio of 10.64, a price-to-earnings-growth ratio of 4.86 and a beta of 0.26. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PGR shares. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research report on Friday, May 22nd. Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Morgan Stanley dropped their price objective on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 31st. Evercore set a $240.00 price objective on shares of Progressive in a research report on Friday, July 10th. Finally, Wells Fargo & Company reduced their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday. Five analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $235.05.

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.