Tran Capital Management L.P. Decreases Stake in The Progressive Corporation $PGR

Tran Capital Management L.P. cut its holdings in shares of The Progressive Corporation (NYSE:PGR) by 15.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,698 shares of the insurance provider’s stock after selling 11,345 shares during the period. Progressive comprises about 1.6% of Tran Capital Management L.P.’s investment portfolio, making the stock its 24th biggest holding. Tran Capital Management L.P.’s holdings in Progressive were worth $13,915,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PGR. Brighton Jones LLC boosted its holdings in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in Progressive during the 4th quarter worth approximately $269,000. Bison Wealth LLC increased its holdings in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares during the last quarter. HUB Investment Partners LLC raised its position in shares of Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC boosted its stake in shares of Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after buying an additional 1,622 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Wells Fargo & Company reduced their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research note on Thursday, July 16th. BMO Capital Markets decreased their price objective on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Finally, UBS Group boosted their target price on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Five analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus target price of $235.00.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares of the company’s stock, valued at $111,199,682.96. This represents a 6.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 8,124 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the sale, the insider owned 41,291 shares in the company, valued at approximately $8,782,595.70. This trade represents a 16.44% 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. In the last three months, insiders sold 74,885 shares of company stock worth $15,880,459. Corporate insiders own 0.32% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $208.84 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The company has a fifty day moving average price of $214.25 and a two-hundred day moving average price of $206.45. The company has a market cap of $121.42 billion, a PE ratio of 10.47, a P/E/G ratio of 2.79 and a beta of 0.27.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders 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 (DPR) is presently 2.01%.

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.