Signature Estate & Investment Advisors LLC Has $882,000 Position in The Progressive Corporation $PGR

Signature Estate & Investment Advisors LLC cut its stake in The Progressive Corporation (NYSE:PGR) by 42.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,038 shares of the insurance provider’s stock after selling 3,031 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in Progressive were worth $882,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PGR. Norges Bank bought a new position in Progressive during the 4th quarter worth approximately $1,836,094,000. Wellington Management Group LLP increased its stake in Progressive by 181.8% in the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock valued at $1,481,615,000 after purchasing an additional 4,197,212 shares in the last quarter. Diamant Asset Management Inc. increased its stake in Progressive by 19,724.0% in the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after purchasing an additional 4,048,351 shares in the last quarter. Life Cycle Investment Partners Ltd acquired a new stake in Progressive in the fourth quarter worth $353,906,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Progressive by 193.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock worth $502,519,000 after purchasing an additional 1,454,111 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of Progressive stock opened at $208.84 on Friday. The firm has a market cap of $121.42 billion, a price-to-earnings ratio of 10.47, a price-to-earnings-growth ratio of 2.79 and a beta of 0.27. The stock’s 50-day moving average is $214.25 and its 200-day moving average is $206.45. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares in the company, valued at approximately $111,199,682.96. The trade was a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the transaction, the insider directly owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 74,885 shares of company stock worth $15,880,459. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PGR. Bank of America decreased their price target on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. Keefe, Bruyette & Woods reduced their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. HSBC boosted their target price on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, July 6th. Finally, Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $190.00 to $210.00 in a report on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus price target of $235.00.

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.