Synergy Asset Management LLC Sells 92 Shares of The Progressive Corporation $PGR

Synergy Asset Management LLC decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 5.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,605 shares of the insurance provider’s stock after selling 92 shares during the quarter. Synergy Asset Management LLC’s holdings in Progressive were worth $428,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Abacus Planning Group Inc. raised its holdings in Progressive by 20.5% during the 2nd quarter. Abacus Planning Group Inc. now owns 2,001 shares of the insurance provider’s stock worth $534,000 after purchasing an additional 341 shares during the last quarter. Hilltop National Bank bought a new position in Progressive during the 2nd quarter worth approximately $41,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Progressive by 5.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 101,576 shares of the insurance provider’s stock worth $27,107,000 after purchasing an additional 5,178 shares during the last quarter. J. Safra Sarasin Holding AG raised its holdings in Progressive by 0.8% during the 2nd quarter. J. Safra Sarasin Holding AG now owns 15,199 shares of the insurance provider’s stock worth $4,056,000 after purchasing an additional 122 shares during the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in shares of Progressive in the 2nd quarter valued at $948,000. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

PGR opened at $243.47 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market capitalization of $142.73 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 1.37 and a beta of 0.32. The firm’s fifty day moving average price is $245.23 and its two-hundred day moving average price is $261.09. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.48 EPS. As a group, analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive’s payout ratio is currently 2.25%.

Analysts Set New Price Targets

PGR has been the subject of several research analyst reports. UBS Group lowered their price objective on shares of Progressive from $280.00 to $268.00 and set a “neutral” rating for the company in a research note on Monday, July 21st. Barclays lowered their price objective on shares of Progressive from $287.00 to $281.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 19th. Wolfe Research initiated coverage on shares of Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating for the company. Evercore ISI lowered their price objective on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $265.00 price objective (down previously from $327.00) on shares of Progressive in a research note on Thursday, September 18th. Six research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $279.63.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer directly owned 228,024 shares of the company’s stock, valued at $56,832,701.76. The trade was a 6.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karen Bailo sold 8,922 shares of Progressive stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the transaction, the insider directly owned 32,346 shares in the company, valued at $8,061,917.04. This represents a 21.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 130,045 shares of company stock worth $31,997,390. Company insiders own 0.34% of the company’s stock.

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.