The Progressive Corporation $PGR is 140 Summer Partners LP's Largest Position

Key Points

• 140 Summer Partners LP reduced its stake in The Progressive Corporation by 13.0%, selling 52,913 shares and now holds 352,833 shares, making it the largest position in their portfolio.
• Company insiders, including CEO Susan Patricia Griffith, have sold a total of 108,351 shares worth approximately $27 million in recent transactions.
• Progressive announced a quarterly dividend of $0.10, with the ex-dividend date on October 2nd, representing a 0.2% yield.

140 Summer Partners LP cut its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 352,833 shares of the insurance provider's stock after selling 52,913 shares during the quarter. Progressive makes up approximately 12.8% of 140 Summer Partners LP's portfolio, making the stock its largest holding. 140 Summer Partners LP owned 0.06% of Progressive worth $99,855,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Highline Wealth Partners LLC increased its position in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC increased its position in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares during the last quarter. HWG Holdings LP bought a new position in shares of Progressive in the first quarter worth approximately $28,000. Minot DeBlois Advisors LLC bought a new position in shares of Progressive in the fourth quarter worth approximately $28,000. Finally, Garde Capital Inc. bought a new position in shares of Progressive in the first quarter worth approximately $33,000. 85.34% of the stock is currently owned by institutional investors.

Insider Activity at Progressive

In other news, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the completion of the sale, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $250.78, for a total transaction of $556,230.04. Following the sale, the insider owned 45,724 shares of the company's stock, valued at approximately $11,466,664.72. This represents a 4.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 139,010 shares of company stock valued at $34,547,699 in the last quarter. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. BMO Capital Markets decreased their price objective on shares of Progressive from $281.00 to $279.00 and set an "outperform" rating on the stock in a research report on Thursday, August 21st. UBS Group decreased their price objective on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research report on Monday, July 21st. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. Wells Fargo & Company decreased their price objective on shares of Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research report on Thursday, August 21st. Finally, Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target on the stock. in a research note on Thursday, July 17th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Progressive presently has an average rating of "Moderate Buy" and a consensus price target of $284.18.

Progressive Price Performance

Shares of PGR stock traded down $5.25 during trading hours on Friday, hitting $243.76. 1,690,776 shares of the company's stock were exchanged, compared to its average volume of 2,637,555. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The company has a market capitalization of $142.90 billion, a PE ratio of 13.73, a PEG ratio of 1.42 and a beta of 0.32. The business's 50 day simple moving average is $247.98 and its 200-day simple moving average is $265.56.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter last year, the business earned $2.48 earnings per share. The business's revenue was up 12.1% on a year-over-year basis. On average, equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders 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 dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio is currently 2.25%.

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.