Sigma Investment Counselors Inc. Has $1.21 Million Stock Position in The Progressive Co. (NYSE:PGR)

Sigma Investment Counselors Inc. trimmed its position in The Progressive Co. (NYSE:PGRGet Rating) by 3.1% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 10,369 shares of the insurance provider’s stock after selling 337 shares during the period. Sigma Investment Counselors Inc.’s holdings in Progressive were worth $1,206,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oak Thistle LLC purchased a new stake in shares of Progressive in the first quarter worth approximately $239,000. First Republic Investment Management Inc. lifted its position in shares of Progressive by 9.6% in the first quarter. First Republic Investment Management Inc. now owns 630,991 shares of the insurance provider’s stock worth $71,927,000 after purchasing an additional 55,106 shares in the last quarter. CAPROCK Group Inc. lifted its position in shares of Progressive by 9.6% in the first quarter. CAPROCK Group Inc. now owns 5,950 shares of the insurance provider’s stock worth $678,000 after purchasing an additional 522 shares in the last quarter. Offit Capital Advisors LLC purchased a new stake in shares of Progressive in the first quarter worth approximately $418,000. Finally, Western Wealth Management LLC lifted its position in shares of Progressive by 70.5% in the first quarter. Western Wealth Management LLC now owns 6,002 shares of the insurance provider’s stock worth $685,000 after purchasing an additional 2,482 shares in the last quarter. 85.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

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

Analyst Ratings Changes

A number of research firms have recently issued reports on PGR. Evercore ISI set a $129.00 price target on shares of Progressive in a research report on Tuesday, July 19th. Morgan Stanley raised their price objective on shares of Progressive from $121.00 to $130.00 and gave the company an “equal weight” rating in a research report on Friday, August 19th. Keefe, Bruyette & Woods raised shares of Progressive from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $96.00 to $107.00 in a research report on Thursday, June 23rd. Jefferies Financial Group raised their price objective on shares of Progressive from $106.00 to $125.00 and gave the company a “hold” rating in a research report on Tuesday, July 12th. Finally, Wells Fargo & Company reaffirmed a “sell” rating and set a $98.00 price objective on shares of Progressive in a research report on Friday, July 15th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $118.08.

Progressive Price Performance

Shares of Progressive stock traded down $1.26 during midday trading on Friday, reaching $121.16. The company had a trading volume of 58,260 shares, compared to its average volume of 2,143,946. 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 capitalization of $70.87 billion, a price-to-earnings ratio of 86.97, a price-to-earnings-growth ratio of 0.85 and a beta of 0.42. The stock has a fifty day simple moving average of $121.04 and a 200 day simple moving average of $116.04. The Progressive Co. has a 1-year low of $89.35 and a 1-year high of $129.76.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, October 7th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend is Thursday, October 6th. Progressive’s dividend payout ratio is currently 28.57%.

Progressive Company Profile

(Get Rating)

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.

See Also

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGRGet Rating).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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