Sigma Investment Counselors Inc. Trims Stock Position in The Progressive Co. (NYSE:PGR)

Sigma Investment Counselors Inc. cut its holdings in shares of The Progressive Co. (NYSE:PGRGet Rating) by 3.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,369 shares of the insurance provider’s stock after selling 337 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in Progressive were worth $1,206,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. HB Wealth Management LLC lifted its position in Progressive by 13.0% during the second quarter. HB Wealth Management LLC now owns 5,626 shares of the insurance provider’s stock worth $654,000 after buying an additional 646 shares during the period. Ritholtz Wealth Management raised its holdings in shares of Progressive by 33.7% in the 2nd quarter. Ritholtz Wealth Management now owns 5,739 shares of the insurance provider’s stock worth $667,000 after purchasing an additional 1,448 shares during the period. IFM Investors Pty Ltd raised its holdings in shares of Progressive by 6.1% in the 2nd quarter. IFM Investors Pty Ltd now owns 99,544 shares of the insurance provider’s stock worth $11,574,000 after purchasing an additional 5,698 shares during the period. LVM Capital Management Ltd. MI purchased a new position in shares of Progressive in the 2nd quarter worth about $747,000. Finally, Raymond James Trust N.A. raised its holdings in shares of Progressive by 11.7% in the 2nd quarter. Raymond James Trust N.A. now owns 27,431 shares of the insurance provider’s stock worth $3,189,000 after purchasing an additional 2,864 shares during the period. 85.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In other news, insider Andrew J. Quigg sold 3,180 shares of Progressive stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the transaction, the insider now owns 24,061 shares in the company, valued at approximately $3,042,032.23. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Patrick K. Callahan sold 19,068 shares of Progressive stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $125.77, for a total value of $2,398,182.36. Following the completion of the transaction, the insider now owns 13,151 shares in the company, valued at approximately $1,654,001.27. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 3,180 shares of Progressive stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the transaction, the insider now owns 24,061 shares of the company’s stock, valued at approximately $3,042,032.23. The disclosure for this sale can be found here. 0.37% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PGR. Barclays raised their price objective on Progressive from $90.00 to $106.00 and gave the stock an “underweight” rating in a report on Thursday, August 18th. Evercore ISI set a $129.00 price objective on Progressive in a report on Tuesday, July 19th. Raymond James raised their price objective on Progressive from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Monday, August 29th. Jefferies Financial Group raised their target price on Progressive from $106.00 to $125.00 and gave the company a “hold” rating in a report on Tuesday, July 12th. Finally, MKM Partners raised their target price on Progressive from $135.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, August 18th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $118.08.

Progressive Stock Down 1.0 %

NYSE PGR traded down $1.26 during mid-day trading on Friday, reaching $121.16. 58,260 shares of the company’s stock traded hands, compared to its average volume of 2,143,946. The Progressive Co. has a 1-year low of $89.35 and a 1-year high of $129.76. The company has a fifty day simple moving average of $121.04 and a 200-day simple moving average of $116.04. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. The company has a market cap of $70.87 billion, a price-to-earnings ratio of 86.97, a P/E/G ratio of 0.85 and a beta of 0.42.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, October 7th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.33%. Progressive’s dividend payout ratio (DPR) is presently 28.57%.

About Progressive

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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