Tran Capital Management L.P. Lowers Holdings in The Progressive Corporation $PGR

Tran Capital Management L.P. lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 15.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,698 shares of the insurance provider’s stock after selling 11,345 shares during the quarter. Progressive comprises about 1.6% of Tran Capital Management L.P.’s holdings, making the stock its 24th largest position. Tran Capital Management L.P.’s holdings in Progressive were worth $13,915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Bard Associates Inc. acquired a new stake in shares of Progressive in the fourth quarter worth approximately $27,000. Bogart Wealth LLC increased its position in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the last quarter. IFC & Insurance Marketing Inc. purchased a new position in Progressive during the fourth quarter worth approximately $29,000. HHM Wealth Advisors LLC raised its stake in Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the period. Finally, Acumen Wealth Advisors LLC acquired a new position in shares of Progressive in the 4th quarter valued at $33,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Andrew J. Quigg sold 3,499 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the sale, the chief financial officer owned 42,595 shares in the company, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares in the company, valued at approximately $111,199,682.96. The trade was a 6.67% decrease in their ownership of the stock. 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 three months, insiders have sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is owned by insiders.

Progressive Stock Up 0.7%

Shares of Progressive stock opened at $208.84 on Friday. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The stock has a market cap of $121.42 billion, a price-to-earnings ratio of 10.47, a price-to-earnings-growth ratio of 2.79 and a beta of 0.27. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a fifty day moving average price of $214.25 and a 200 day moving average price of $206.45.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. 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 payout ratio is currently 2.01%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PGR shares. Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. UBS Group increased their target price on Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods reduced their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Evercore set a $240.00 price target on Progressive in a research report on Friday, July 10th. Finally, Mizuho set a $236.00 price target on Progressive in a research note on Wednesday, August 5th. Five analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $235.00.

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.