Signature Estate & Investment Advisors LLC Sells 3,031 Shares of The Progressive Corporation $PGR

Signature Estate & Investment Advisors LLC lowered its stake in The Progressive Corporation (NYSE:PGR) by 42.9% during the second quarter, Holdings Channel.com reports. The fund owned 4,038 shares of the insurance provider’s stock after selling 3,031 shares during the period. Signature Estate & Investment Advisors LLC’s holdings in Progressive were worth $882,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in Progressive by 28.8% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 7,633 shares of the insurance provider’s stock valued at $1,667,000 after purchasing an additional 1,709 shares during the last quarter. Accurate Wealth Management LLC acquired a new position in shares of Progressive during the 2nd quarter worth approximately $1,498,000. QRG Capital Management Inc. raised its stake in shares of Progressive by 19.2% during the 2nd quarter. QRG Capital Management Inc. now owns 86,011 shares of the insurance provider’s stock worth $18,789,000 after purchasing an additional 13,850 shares in the last quarter. Fenimore Asset Management Inc raised its stake in shares of Progressive by 1.3% during the 2nd quarter. Fenimore Asset Management Inc now owns 557,273 shares of the insurance provider’s stock worth $121,736,000 after purchasing an additional 6,889 shares in the last quarter. Finally, Yarger Wealth Strategies LLC boosted its holdings in shares of Progressive by 4.3% in the 2nd quarter. Yarger Wealth Strategies LLC now owns 1,717 shares of the insurance provider’s stock valued at $396,000 after buying an additional 71 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PGR shares. HSBC raised their target price on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. William Blair reissued a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Wells Fargo & Company dropped their target price on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a report on Thursday, July 16th. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research note on Thursday, July 16th. Finally, Mizuho set a $236.00 price target on Progressive in a report on Wednesday, August 5th. Five analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $235.00.

Progressive Trading Up 0.7%

Shares of Progressive stock opened at $208.84 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The business has a fifty day simple moving average of $214.25 and a two-hundred day simple moving average of $206.45. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The company has a market capitalization of $121.42 billion, a price-to-earnings ratio of 10.47, a P/E/G ratio of 2.79 and a beta of 0.27.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Insider Activity at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the transaction, the insider directly owned 32,348 shares of the company’s stock, valued at $6,880,743.08. This represents a 20.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CIO Jonathan S. Bauer sold 2,242 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the sale, the executive owned 26,250 shares of the company’s stock, valued at $5,583,637.50. This trade represents a 7.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 74,885 shares of company stock worth $15,880,459 in the last quarter. 0.32% of the stock is owned by corporate insiders.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.