Summit Global Investments Lowers Holdings in The Progressive Co. (NYSE:PGR)

Summit Global Investments trimmed its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 9.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 77,624 shares of the insurance provider's stock after selling 7,928 shares during the quarter. Progressive makes up approximately 1.2% of Summit Global Investments' holdings, making the stock its 11th biggest position. Summit Global Investments' holdings in Progressive were worth $18,599,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PGR. Webster Bank N. A. bought a new stake in Progressive in the fourth quarter worth $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive in the 4th quarter worth $28,000. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after buying an additional 41 shares during the last quarter. Valley National Advisers Inc. raised its position in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after buying an additional 120 shares in the last quarter. Finally, Atala Financial Inc bought a new position in shares of Progressive in the 4th quarter valued at about $32,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PGR has been the topic of several analyst reports. Roth Mkm boosted their price objective on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. BMO Capital Markets decreased their price target on Progressive from $273.00 to $267.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. Barclays lifted their price objective on shares of Progressive from $264.00 to $285.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 13th. StockNews.com raised shares of Progressive from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Hsbc Global Res cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $281.06.

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Progressive Stock Up 0.2 %

Shares of PGR stock traded up $0.57 on Tuesday, hitting $274.57. The stock had a trading volume of 2,911,344 shares, compared to its average volume of 2,428,583. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99. The business has a 50 day moving average price of $263.42 and a 200 day moving average price of $255.37. The company has a market cap of $160.96 billion, a PE ratio of 19.07, a P/E/G ratio of 1.70 and a beta of 0.35. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.15%. Progressive's dividend payout ratio (DPR) is presently 2.78%.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the completion of the sale, the chief executive officer now owns 473,736 shares of the company's stock, valued at $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the completion of the transaction, the chief financial officer now directly owns 282,958 shares in the company, valued at $67,530,756.28. This represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,855 shares of company stock worth $16,767,455. 0.34% of the stock is currently owned by company insiders.

Progressive Company 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.