Callan Family Office LLC Decreases Stock Holdings in The Progressive Corporation $PGR

Callan Family Office LLC lowered its holdings in The Progressive Corporation (NYSE:PGR) by 38.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,882 shares of the insurance provider’s stock after selling 9,404 shares during the period. Callan Family Office LLC’s holdings in Progressive were worth $3,675,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PGR. Allstate Corp lifted its stake in shares of Progressive by 1,614.1% during the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after purchasing an additional 20,338 shares in the last quarter. New York Life Investment Management LLC raised its holdings in shares of Progressive by 1.4% during the 2nd quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock valued at $23,420,000 after buying an additional 1,192 shares during the period. Gateway Investment Advisers LLC lifted its position in Progressive by 91.7% during the 3rd quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock worth $2,892,000 after acquiring an additional 5,600 shares in the last quarter. Mather Group LLC. boosted its holdings in Progressive by 40.6% in the 3rd quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock worth $4,159,000 after acquiring an additional 4,865 shares during the period. Finally, Arkadios Wealth Advisors grew its position in Progressive by 471.3% in the third quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock valued at $5,556,000 after acquiring an additional 18,558 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the sale, the insider owned 39,626 shares in the company, valued at $8,097,573.10. This represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CIO Jonathan S. Bauer sold 3,105 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the sale, the executive owned 26,249 shares in the company, valued at $5,363,983.15. The trade was a 10.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,788 shares of company stock valued at $3,018,961 over the last 90 days. Insiders own 0.33% of the company’s stock.

Progressive Stock Down 0.9%

NYSE:PGR opened at $201.13 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38. The company has a market capitalization of $117.94 billion, a price-to-earnings ratio of 10.45, a price-to-earnings-growth ratio of 1.25 and a beta of 0.32. The Progressive Corporation has a one year low of $198.50 and a one year high of $292.99. The stock has a 50-day simple moving average of $218.64 and a 200 day simple moving average of $230.08.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were issued 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 was Friday, January 2nd. Progressive’s payout ratio is 2.08%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Morgan Stanley reduced their target price on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 28th. Wells Fargo & Company cut their price objective on shares of Progressive from $240.00 to $220.00 and set an “equal weight” rating on the stock in a report on Thursday, January 29th. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. UBS Group set a $226.00 target price on Progressive in a research report on Monday. Finally, Barclays raised Progressive from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $257.00 to $265.00 in a report on Thursday, January 8th. Seven equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $253.62.

Progressive 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.