Summit Global Investments Sells 7,928 Shares of The Progressive Co. (NYSE:PGR)

Summit Global Investments reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 9.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 77,624 shares of the insurance provider’s stock after selling 7,928 shares during the period. Progressive comprises about 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 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Webster Bank N. A. bought a new stake in Progressive in the 4th quarter worth approximately $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive during the fourth quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC grew its position in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 41 shares during the last quarter. Valley National Advisers Inc. increased its stake in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after buying an additional 120 shares during the period. Finally, Atala Financial Inc purchased a new position in shares of Progressive during the fourth quarter worth approximately $32,000. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $2,681,299.09. Following the sale, the chief executive officer now owns 473,736 shares of the company’s stock, valued at $115,255,231.44. This trade represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 282,958 shares of the company’s stock, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, 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 Trading Down 0.6 %

Shares of Progressive stock opened at $273.08 on Friday. The firm has a 50-day simple moving average of $261.96 and a two-hundred day simple moving average of $254.99. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The company has a market cap of $160.08 billion, a P/E ratio of 18.96, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping 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%. As a group, equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have commented on the stock. UBS Group raised their target price on shares of Progressive from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, March 14th. Bank of America dropped their price target on Progressive from $318.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday. Morgan Stanley upped their target price on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Roth Mkm upped their target price on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $281.06.

About Progressive

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.