Summit Global Investments Lowers Position in The Progressive Co. (NYSE:PGR)

Summit Global Investments lowered its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 36.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 86,330 shares of the insurance provider's stock after selling 49,246 shares during the quarter. Progressive accounts for about 0.9% of Summit Global Investments' investment portfolio, making the stock its 23rd largest position. Summit Global Investments' holdings in Progressive were worth $13,751,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Compass Ion Advisors LLC boosted its position in shares of Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider's stock valued at $1,186,000 after acquiring an additional 59 shares in the last quarter. Cary Street Partners Investment Advisory LLC boosted its stake in Progressive by 10.2% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider's stock valued at $93,000 after buying an additional 62 shares in the last quarter. Quent Capital LLC grew its position in Progressive by 19.3% in the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider's stock valued at $68,000 after acquiring an additional 69 shares during the period. BSW Wealth Partners raised its stake in Progressive by 4.2% during the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider's stock worth $275,000 after acquiring an additional 69 shares in the last quarter. Finally, Invesco LLC lifted its holdings in shares of Progressive by 2.0% during the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider's stock valued at $563,000 after acquiring an additional 70 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Performance

Shares of PGR traded down $2.78 during mid-day trading on Thursday, hitting $209.02. 2,023,070 shares of the company's stock were exchanged, compared to its average volume of 2,613,510. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The firm has a market cap of $122.42 billion, a price-to-earnings ratio of 21.39, a price-to-earnings-growth ratio of 0.82 and a beta of 0.34. The stock's 50-day simple moving average is $203.96 and its 200-day simple moving average is $179.25. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $216.21.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts' consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. During the same quarter in the prior year, the firm posted $0.65 EPS. The firm's quarterly revenue was up 17.7% on a year-over-year basis. On average, equities research analysts expect that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive's dividend payout ratio is 4.09%.

Insider Activity at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business's stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares of the company's stock, valued at $1,494,976.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Devin C. Johnson sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Karen Bailo sold 8,464 shares of the business's stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now directly owns 32,342 shares in the company, valued at $6,128,485.58. The disclosure for this sale can be found here. Insiders sold a total of 39,139 shares of company stock valued at $7,458,139 in the last quarter. Insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group raised their price target on Progressive from $241.00 to $245.00 and gave the company a "buy" rating in a report on Monday, April 15th. Piper Sandler reissued an "overweight" rating and issued a $240.00 price target on shares of Progressive in a research note on Monday, April 1st. Keefe, Bruyette & Woods lifted their price objective on Progressive from $190.00 to $200.00 and gave the stock a "market perform" rating in a research note on Wednesday, April 10th. TD Cowen started coverage on shares of Progressive in a research note on Wednesday, January 10th. They issued a "market perform" rating and a $174.00 target price for the company. Finally, The Goldman Sachs Group increased their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a "neutral" rating in a report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $211.88.

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.