Summit Asset Management LLC Acquires New Holdings in The Progressive Corporation $PGR

Summit Asset Management LLC bought a new position in The Progressive Corporation (NYSE:PGR) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 5,947 shares of the insurance provider’s stock, valued at approximately $1,299,000.

A number of other large investors have also added to or reduced their stakes in PGR. Brighton Jones LLC lifted its holdings in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new position in shares of Progressive in the 4th quarter worth $269,000. Bison Wealth LLC grew its holdings in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the period. HUB Investment Partners LLC increased its position in Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after acquiring an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its position in Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after acquiring an additional 1,622 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 0.3%

PGR stock opened at $209.48 on Friday. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market cap of $121.79 billion, a P/E ratio of 10.51, a PEG ratio of 2.82 and a beta of 0.27. The business’s 50-day moving average price is $214.36 and its 200-day moving average price is $206.47.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company had revenue of $23.61 billion during the quarter, compared to analyst estimates of $19.49 billion. During the same period in the prior year, the firm posted $5.40 EPS. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, equities research analysts forecast that The Progressive Corporation will post 17.57 EPS for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders 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 dividend yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio is presently 2.01%.

Insider Transactions at Progressive

In other news, CIO Jonathan S. Bauer sold 2,242 shares of the firm’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $476,895.82. Following the sale, the executive directly owned 26,250 shares in the company, valued at $5,583,637.50. This trade represents a 7.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the company’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the completion of the transaction, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at $111,199,682.96. This represents a 6.67% decrease in their position. 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 quarter, insiders sold 74,885 shares of company stock valued at $15,880,459. Company insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on PGR. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. JPMorgan Chase & Co. lowered their price objective on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 4th. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a report on Friday, May 22nd. Finally, William Blair restated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average 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.