The Progressive Co. (NYSE:PGR) Stock Position Trimmed by Summit Global Investments

Summit Global Investments lessened its stake in The Progressive Co. (NYSE:PGR) by 9.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 77,624 shares of the insurance provider’s stock after selling 7,928 shares during the period. Progressive accounts for 1.2% of Summit Global Investments’ portfolio, making the stock its 11th biggest holding. Summit Global Investments’ holdings in Progressive were worth $18,599,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. State Street Corp raised its position in shares of Progressive by 1.3% during the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after purchasing an additional 315,411 shares during the period. Geode Capital Management LLC grew its holdings in shares of Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after acquiring an additional 1,682,213 shares in the last quarter. FMR LLC increased its position in Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock worth $2,669,204,000 after purchasing an additional 170,618 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after buying an additional 330,667 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Progressive by 3.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,951,899 shares of the insurance provider’s stock valued at $946,915,000 after purchasing an additional 115,681 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on PGR shares. UBS Group boosted their price objective on shares of Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Friday, March 14th. Morgan Stanley lifted their price objective on Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Bank of America dropped their price target on shares of Progressive from $318.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday. Wells Fargo & Company lifted their price objective on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Roth Mkm lifted their target price on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $281.06.

Progressive Stock Performance

Shares of PGR stock opened at $273.08 on Friday. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The firm has a market capitalization of $160.08 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The firm has a fifty day simple moving average of $261.96 and a two-hundred day simple moving average of $254.99.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Analysts forecast that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s payout ratio is currently 2.78%.

Insider Transactions at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CIO Jonathan S. Bauer sold 1,696 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $479,391.36. Following the completion of the sale, the executive now directly owns 26,697 shares in the company, valued at approximately $7,546,174.02. The trade was a 5.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,495 shares of company stock valued at $16,668,034. 0.34% of the stock is currently owned by company insiders.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.