Valmark Advisers Inc. Trims Stake in The Progressive Co. (NYSE:PGR)

Valmark Advisers Inc. trimmed its position in The Progressive Co. (NYSE:PGR) by 20.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,345 shares of the insurance provider’s stock after selling 614 shares during the quarter. Valmark Advisers Inc.’s holdings in Progressive were worth $595,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC increased its position in Progressive by 4,545.0% during the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after purchasing an additional 690,060 shares during the period. Canada Pension Plan Investment Board increased its holdings in Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after buying an additional 686,433 shares during the period. Capital International Investors raised its stake in Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after buying an additional 670,006 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Progressive by 29,701.6% during the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after buying an additional 594,330 shares during the period. Finally, Swedbank AB bought a new stake in Progressive during the 1st quarter valued at $116,852,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $243.02 on Thursday. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market cap of $142.33 billion, a PE ratio of 17.66, a price-to-earnings-growth ratio of 0.67 and a beta of 0.35. The company’s 50 day moving average is $250.80 and its 200 day moving average is $226.29.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the sale, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock worth $18,674,912 over the last three months. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PGR shares. BMO Capital Markets dropped their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. The Goldman Sachs Group boosted their price objective on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Thursday, October 24th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $263.19.

Progressive Company Profile

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