The Progressive Corporation $PGR Shares Sold by Cumberland Partners Ltd

Cumberland Partners Ltd cut its holdings in The Progressive Corporation (NYSE:PGR) by 88.4% during the 1st quarter, Holdings Channel.com reports. The fund owned 1,077 shares of the insurance provider’s stock after selling 8,209 shares during the quarter. Cumberland Partners Ltd’s holdings in Progressive were worth $214,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Allstate Corp raised its position in shares of Progressive by 106.1% during the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after purchasing an additional 22,915 shares during the period. Norges Bank purchased a new stake in shares of Progressive during the fourth quarter valued at $1,836,094,000. Investment House LLC acquired a new position in shares of Progressive in the 4th quarter valued at $8,447,000. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Progressive by 5.7% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock valued at $411,506,000 after purchasing an additional 97,275 shares during the period. Finally, Van Cleef Asset Management Inc increased its stake in Progressive by 1.2% in the 4th quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider’s stock worth $173,429,000 after purchasing an additional 9,017 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Up 3.3%

Shares of NYSE PGR opened at $213.85 on Friday. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The firm has a market capitalization of $124.96 billion, a PE ratio of 10.72, a PEG ratio of 2.88 and a beta of 0.26. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $209.88 and a two-hundred day moving average price of $205.92.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were 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 of this dividend was Thursday, July 2nd. Progressive’s dividend payout ratio is 2.01%.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the completion of the sale, the insider directly owned 27,511 shares in the company, valued at approximately $5,633,152.36. This trade represents a 4.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider directly owned 41,290 shares in the company, valued at $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 15,230 shares of company stock worth $3,165,817. 0.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PGR shares. Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $190.00 to $210.00 in a report on Friday. William Blair reissued a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Mizuho boosted their price target on shares of Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Wells Fargo & Company cut their price target on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a report on Thursday, July 16th. Finally, Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $236.11.

About Progressive

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.