Lecap Asset Management Ltd. Lowers Position in The Progressive Co. (NYSE:PGR)

Lecap Asset Management Ltd. decreased its stake in shares of The Progressive Co. (NYSE:PGR) by 72.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,827 shares of the insurance provider’s stock after selling 15,659 shares during the period. Lecap Asset Management Ltd.’s holdings in Progressive were worth $1,479,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Raleigh Capital Management Inc. increased its holdings in shares of Progressive by 20.9% in the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares during the period. Castleview Partners LLC increased its stake in Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after acquiring an additional 45 shares during the last quarter. Sunbelt Securities Inc. raised its holdings in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 46 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Progressive by 11.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 48 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. grew its holdings in shares of Progressive by 10.4% during the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

Shares of Progressive stock opened at $247.25 on Thursday. The business has a 50 day moving average of $250.14 and a 200 day moving average of $224.95. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46. The company has a market cap of $144.81 billion, a PE ratio of 17.97, a P/E/G ratio of 0.69 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd were given a $0.10 dividend. 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 is 2.91%.

Insider Activity

In other Progressive news, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares in the company, valued at $10,874,412.50. This trade 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 link. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the transaction, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 74,843 shares of company stock valued at $18,674,912. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. BMO Capital Markets dropped their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research note on Monday, August 12th. Citigroup dropped their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. JPMorgan Chase & Co. upped their price objective on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, Jefferies Financial Group raised their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and a consensus price target of $263.19.

Progressive 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.