Synergy Asset Management LLC Decreases Holdings in The Progressive Corporation $PGR

Synergy Asset Management LLC trimmed its holdings in The Progressive Corporation (NYSE:PGR) by 72.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,852 shares of the insurance provider’s stock after selling 4,886 shares during the quarter. Synergy Asset Management LLC’s holdings in Progressive were worth $422,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PGR. Davis Capital Management purchased a new position in Progressive in the 3rd quarter worth $25,000. Dagco Inc. bought a new stake in Progressive in the fourth quarter worth $28,000. Howard Hughes Medical Institute purchased a new stake in Progressive during the second quarter valued at about $34,000. Ameriflex Group Inc. grew its stake in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares during the last quarter. Finally, TruNorth Capital Management LLC grew its stake in shares of Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after buying an additional 135 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on PGR. BMO Capital Markets lowered their target price on Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a research note on Wednesday, March 11th. HSBC lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Keefe, Bruyette & Woods decreased their price target on Progressive from $232.00 to $227.00 and set a “market perform” rating on the stock in a research note on Thursday, March 19th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Finally, Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $239.22.

Progressive Stock Down 2.2%

Shares of NYSE:PGR opened at $198.41 on Friday. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $289.96. The company has a market cap of $116.06 billion, a PE ratio of 10.31, a P/E/G ratio of 5.86 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The stock’s 50-day moving average is $205.72 and its 200 day moving average is $219.65.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.08%.

Insider Activity

In related news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares in the company, valued at $115,227. This represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the completion of the sale, the executive directly owned 26,249 shares of the company’s stock, valued at $5,363,983.15. The trade was a 10.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 11,687 shares of company stock valued at $2,413,044. 0.34% of the stock is owned by insiders.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.