Summit Trail Advisors LLC Acquires 1,920 Shares of The Progressive Co. (NYSE:PGR)

Summit Trail Advisors LLC raised its holdings in The Progressive Co. (NYSE:PGR) by 25.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,441 shares of the insurance provider’s stock after acquiring an additional 1,920 shares during the quarter. Summit Trail Advisors LLC’s holdings in Progressive were worth $1,961,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Aviance Capital Partners LLC acquired a new stake in shares of Progressive in the 1st quarter valued at approximately $3,628,000. TCW Group Inc. acquired a new stake in shares of Progressive during the fourth quarter worth about $1,988,000. Brevan Howard Capital Management LP bought a new position in shares of Progressive during the 4th quarter valued at about $3,090,000. Concurrent Investment Advisors LLC increased its stake in Progressive by 66.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after purchasing an additional 2,719 shares in the last quarter. Finally, Banque Cantonale Vaudoise increased its position in shares of Progressive by 90.4% during the first quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock worth $4,354,000 after acquiring an additional 10,000 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the sale, the chief executive officer now owns 517,105 shares of the company’s stock, valued at approximately $110,665,641.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Philip Bleser sold 2,129 shares of Progressive stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now owns 974 shares of the company’s stock, valued at $213,383.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at $110,665,641.05. The disclosure for this sale can be found here. Insiders have sold 146,704 shares of company stock valued at $33,367,408 over the last ninety days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PGR has been the subject of a number of research analyst reports. The Goldman Sachs Group upped their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price objective on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Evercore ISI lifted their target price on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Bank of America upped their price target on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Finally, HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a report on Monday, August 12th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Stock Up 1.5 %

Progressive stock opened at $259.24 on Friday. The Progressive Co. has a fifty-two week low of $137.59 and a fifty-two week high of $260.46. The firm has a market capitalization of $151.84 billion, a PE ratio of 26.53, a P/E/G ratio of 0.74 and a beta of 0.35. The company’s 50-day moving average is $234.16 and its 200-day moving average is $217.25. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the prior year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. Sell-side analysts anticipate that The Progressive Co. will post 12.7 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. Progressive’s dividend payout ratio is currently 4.09%.

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.