Strategic Planning Group LLC Sells 39,705 Shares of The Progressive Corporation $PGR

Key Points

• Strategic Planning Group LLC cut its Progressive stake by 43.3% in the third quarter, selling 39,705 shares and retaining 51,963 shares valued at approximately $10.8 million.
• Progressive shares opened at $229.43, up 3.6%, near their 12-month high of $239.38. The company also paid a quarterly dividend of $0.10 per share, representing a 0.2% annualized yield.
• Analyst sentiment remains mixed, with nine Buy, twelve Hold, and two Sell ratings; the stock carries a consensus Hold rating and an average price target of $234.45.

Strategic Planning Group LLC lowered its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 43.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,963 shares of the insurance provider's stock after selling 39,705 shares during the period. Strategic Planning Group LLC's holdings in Progressive were worth $10,773,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Meeder Asset Management Inc. purchased a new stake in Progressive in the 2nd quarter worth about $26,000. IMG Wealth Management Inc. acquired a new position in shares of Progressive in the 2nd quarter valued at about $26,000. Bogart Wealth LLC increased its holdings in shares of Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after purchasing an additional 87 shares during the period. Kilter Group LLC purchased a new position in Progressive during the second quarter valued at approximately $27,000. Finally, HHM Wealth Advisors LLC increased its stake in Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock valued at $29,000 after buying an additional 126 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Insiders Place Their Bets

In other news, CEO Susan Griffith sold 37,338 shares of the firm's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the sale, the chief executive officer owned 485,438 shares in the company, valued at approximately $106,553,641. This trade represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori A. Niederst sold 7,339 shares of the business's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the transaction, the insider directly owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 106,782 shares of company stock valued at $22,965,332 in the last three months. Company insiders own 0.32% of the company's stock.

Progressive Stock Up 3.6%

Shares of PGR stock opened at $229.43 on Friday. The stock's 50 day simple moving average is $215.78 and its 200 day simple moving average is $210.27. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $239.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The company has a market capitalization of $133.38 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 2.65 and a beta of 0.25.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group increased their target price on shares of Progressive from $233.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, October 1st. TD Cowen lowered their price target on shares of Progressive from $266.00 to $222.00 and set a "hold" rating on the stock in a report on Wednesday, July 29th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $241.00 to $250.00 and gave the stock a "neutral" rating in a research note on Monday, October 5th. Weiss Ratings upgraded Progressive from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Finally, Evercore set a $240.00 price objective on Progressive in a report on Friday, July 10th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Progressive currently has a consensus rating of "Hold" and an average price target of $234.45.

Progressive Company Profile

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.