13,032 The Progressive Corporation $PGR Shares Sold by Summit Global Investments

Key Points

• Summit Global Investments cut its Progressive stake by 41.7% in the third quarter, selling 13,032 shares and retaining 18,188 shares valued at approximately $3.77 million.
• Institutional investors own 85.34% of Progressive, while insiders sold 48,352 shares worth $10.52 million over the past 90 days.
• Progressive shares opened at $231.20, near their 12-month high, and analysts maintain a consensus “Hold” rating with an average price target of $234.45. The company also pays a quarterly dividend of $0.10.

Summit Global Investments lessened its position in The Progressive Corporation (NYSE:PGR - Free Report) by 41.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,188 shares of the insurance provider's stock after selling 13,032 shares during the quarter. Summit Global Investments' holdings in Progressive were worth $3,771,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Progressive in the 2nd quarter valued at about $10,496,271,000. Bank of America Corp DE bought a new position in Progressive during the second quarter worth about $2,682,342,000. GQG Partners LLC bought a new position in Progressive during the second quarter worth about $1,538,570,000. Deutsche Bank AG acquired a new position in Progressive during the second quarter worth approximately $1,098,838,000. Finally, Jupiter Topco LLC acquired a new position in Progressive during the second quarter worth approximately $935,172,000. 85.34% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Lori A. Niederst sold 7,339 shares of Progressive stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the sale, the insider owned 42,567 shares of the company's stock, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the transaction, the insider owned 28,807 shares of the company's stock, valued at $6,433,179.24. This represents a 4.08% 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. Insiders sold a total of 48,352 shares of company stock valued at $10,524,258 in the last ninety days. 0.32% of the stock is currently owned by insiders.

Progressive Trading Up 0.4%

NYSE:PGR opened at $231.20 on Friday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $239.38. The stock has a market capitalization of $134.41 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 2.67 and a beta of 0.25. The firm has a fifty day simple moving average of $217.64 and a two-hundred day simple moving average of $209.28. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PGR shares. Mizuho cut their price target on Progressive from $236.00 to $230.00 and set a "neutral" rating for the company in a report on Wednesday, September 16th. Roth Capital reiterated a "buy" rating and issued a $245.00 price target (up from $235.00) on shares of Progressive in a research note on Thursday, August 20th. Evercore set a $240.00 price objective on shares of Progressive in a research note on Friday, July 10th. William Blair reiterated a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Progressive in a research report on Friday, October 16th. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $234.45.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.

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