31,220 Shares in The Progressive Corporation $PGR Acquired by Summit Global Investments

Summit Global Investments bought a new position in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 31,220 shares of the insurance provider’s stock, valued at approximately $6,820,000. Progressive makes up 0.4% of Summit Global Investments’ holdings, making the stock its 29th largest position.

A number of other institutional investors have also recently bought and sold shares of PGR. Klingman & Associates LLC increased its position in shares of Progressive by 1.7% during the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after acquiring an additional 48 shares in the last quarter. Revisor Wealth Management LLC lifted its position in Progressive by 2.7% in the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after acquiring an additional 50 shares in the last quarter. Pines Wealth Management LLC lifted its position in Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after acquiring an additional 52 shares in the last quarter. Northwestern Mutual Investment Management Company LLC boosted its stake in Progressive by 0.3% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after purchasing an additional 52 shares during the period. Finally, Phillips Wealth Planners LLC increased its holdings in Progressive by 2.8% during the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock worth $436,000 after purchasing an additional 52 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, insider John Jo Murphy sold 8,124 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the transaction, the insider directly owned 41,291 shares of the company’s stock, valued at $8,782,595.70. This represents a 16.44% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares of the company’s stock, valued at approximately $111,199,682.96. This represents a 6.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. Keefe, Bruyette & Woods reduced their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a report on Friday, May 22nd. Wells Fargo & Company dropped their target price on Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research report on Thursday, July 16th. Finally, Evercore set a $240.00 target price on Progressive in a research note on Friday, July 10th. Five analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $235.00.

Progressive Stock Performance

Shares of NYSE PGR opened at $209.48 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $121.79 billion, a P/E ratio of 10.51, a P/E/G ratio of 2.81 and a beta of 0.27. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The stock has a 50 day moving average of $214.36 and a 200-day moving average of $206.47.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business had revenue of $23.61 billion for the quarter, compared to analysts’ expectations of $19.49 billion. During the same quarter in the prior year, the business earned $5.40 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, equities research analysts predict that The Progressive Corporation will post 17.57 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s payout ratio is currently 2.01%.

Progressive Company 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.