Summit Trail Advisors LLC Cuts Position in The Progressive Co. (NYSE:PGR)

Summit Trail Advisors LLC lessened its stake in The Progressive Co. (NYSE:PGR) by 6.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,920 shares of the insurance provider’s stock after selling 315 shares during the quarter. Summit Trail Advisors LLC’s holdings in Progressive were worth $784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PGR. Wellington Management Group LLP grew its stake in shares of Progressive by 14.1% during the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares during the period. Northern Trust Corp lifted its position in shares of Progressive by 2.8% in the third quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock valued at $833,410,000 after acquiring an additional 162,916 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of Progressive by 2.9% in the third quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock worth $785,814,000 after acquiring an additional 156,332 shares during the period. Invesco Ltd. raised its stake in Progressive by 31.8% during the 3rd quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock valued at $666,004,000 after purchasing an additional 1,154,591 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Progressive by 10.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,363,575 shares of the insurance provider’s stock worth $468,546,000 after purchasing an additional 309,287 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. TD Cowen began coverage on shares of Progressive in a research note on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price objective for the company. Citigroup boosted their price objective on shares of Progressive from $202.00 to $225.00 and gave the stock a “neutral” rating in a research note on Monday, April 15th. UBS Group raised their price target on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Keefe, Bruyette & Woods raised their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Finally, Roth Mkm boosted their price objective on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $211.88.

Progressive Stock Down 0.7 %

PGR stock traded down $1.46 during trading on Tuesday, hitting $214.05. 465,062 shares of the company’s stock were exchanged, compared to its average volume of 2,583,781. The business has a 50-day moving average price of $204.74 and a two-hundred day moving average price of $180.31. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $125.37 billion, a price-to-earnings ratio of 22.06, a PEG ratio of 0.82 and a beta of 0.34. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $216.33.

Progressive (NYSE:PGR) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm 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 earned $0.65 EPS. Progressive’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, equities research analysts expect that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insiders Place Their Bets

In other news, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at approximately $2,889,859.14. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,139 shares of company stock worth $7,458,139. 0.34% of the stock is owned by corporate insiders.

Progressive Profile

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.