Summit Global Investments Has $8.78 Million Stock Position in The Progressive Co. (NYSE:PGR)

Summit Global Investments reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 60.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,023 shares of the insurance provider’s stock after selling 46,601 shares during the quarter. Progressive accounts for approximately 0.6% of Summit Global Investments’ holdings, making the stock its 27th biggest position. Summit Global Investments’ holdings in Progressive were worth $8,780,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Progressive during the fourth quarter worth about $1,843,045,000. GAMMA Investing LLC lifted its position in shares of Progressive by 39,285.0% in the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock worth $862,059,000 after acquiring an additional 3,038,303 shares during the period. GQG Partners LLC lifted its position in shares of Progressive by 67.6% in the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock worth $1,239,143,000 after acquiring an additional 2,085,833 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Progressive during the 4th quarter worth approximately $408,416,000. Finally, Capital Research Global Investors increased its position in shares of Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock valued at $1,451,602,000 after purchasing an additional 1,547,677 shares during the period. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CAO Carl G. Joyce sold 360 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the transaction, the chief accounting officer now owns 655 shares in the company, valued at approximately $180,891.35. The trade was a 35.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the completion of the sale, the chief financial officer now owns 238,024 shares in the company, valued at approximately $65,544,668.88. This trade represents a 4.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,651 shares of company stock valued at $12,017,780 over the last three months. Company insiders own 0.33% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $277.01 on Friday. The company has a market cap of $162.39 billion, a PE ratio of 19.24, a PEG ratio of 1.70 and a beta of 0.40. 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 Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The company’s 50-day moving average is $275.52 and its two-hundred day moving average is $263.38.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Equities analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were given a $0.10 dividend. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive’s dividend payout ratio is currently 2.70%.

Analyst Ratings Changes

A number of research firms have weighed in on PGR. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 8th. BMO Capital Markets lifted their target price on shares of Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. UBS Group upped their target price on shares of Progressive from $285.00 to $291.00 and gave the company a “neutral” rating in a research note on Wednesday. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an “overweight” rating in a research note on Monday, May 19th. Finally, Bank of America raised Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective on the stock in a report on Monday, April 28th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $288.59.

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.