Sumitomo Mitsui Trust Group Inc. Sells 74,740 Shares of The Progressive Corporation $PGR

Sumitomo Mitsui Trust Group Inc. trimmed its stake in The Progressive Corporation (NYSE:PGR) by 4.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,709,793 shares of the insurance provider’s stock after selling 74,740 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.29% of Progressive worth $422,233,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of PGR. Davis Capital Management bought a new stake in shares of Progressive during the 3rd quarter valued at $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive in the second quarter worth about $33,000. Howard Hughes Medical Institute purchased a new stake in shares of Progressive during the 2nd quarter worth approximately $34,000. Westside Investment Management Inc. lifted its position in Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. Finally, Richardson Financial Services Inc. grew its position in Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Up 0.9%

Shares of PGR opened at $214.97 on Monday. The firm has a market capitalization of $126.06 billion, a P/E ratio of 11.79, a P/E/G ratio of 1.31 and a beta of 0.34. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average price of $223.26 and a 200 day moving average price of $235.79. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The company had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same quarter in the prior year, the company posted $3.58 earnings per share. Sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.19%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the completion of the sale, the insider owned 27,698 shares in the company, valued at approximately $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,034 shares of company stock valued at $2,047,481 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Citigroup lowered their price objective on shares of Progressive from $301.38 to $300.60 and set a “buy” rating for the company in a research report on Monday, December 15th. Barclays raised shares of Progressive from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $257.00 to $265.00 in a research report on Thursday. HSBC set a $259.00 target price on Progressive and gave the stock an “underperform” rating in a research note on Monday, November 17th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, November 17th. Finally, William Blair downgraded Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $260.74.

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.