Clearstead Advisors LLC Sells 6,512 Shares of The Progressive Corporation $PGR

Clearstead Advisors LLC lowered its position in The Progressive Corporation (NYSE:PGR) by 7.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 84,037 shares of the insurance provider’s stock after selling 6,512 shares during the quarter. Clearstead Advisors LLC’s holdings in Progressive were worth $20,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of PGR. CVA Family Office LLC grew its stake in shares of Progressive by 4.2% during the 2nd quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock valued at $281,000 after purchasing an additional 42 shares during the period. Bell Investment Advisors Inc boosted its holdings in shares of Progressive by 20.8% in the second quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock worth $68,000 after buying an additional 44 shares during the last quarter. Maia Wealth LLC grew its position in Progressive by 5.4% during the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock valued at $229,000 after buying an additional 44 shares during the period. Trail Ridge Investment Advisors LLC grew its position in Progressive by 1.6% during the second quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider’s stock valued at $775,000 after buying an additional 45 shares during the period. Finally, Selective Wealth Management Inc. increased its holdings in Progressive by 2.1% during the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock valued at $538,000 after buying an additional 45 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the topic of several analyst reports. Citigroup dropped their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Roth Mkm set a $235.00 price target on Progressive in a research report on Thursday. UBS Group set a $226.00 price objective on Progressive in a research report on Monday, February 2nd. Finally, Zacks Research downgraded Progressive from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $245.29.

Insider Activity at Progressive

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the transaction, the executive directly owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares in the company, valued at approximately $5,924,379.20. This represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 11,098 shares of company stock worth $2,416,011 in the last three months. Insiders own 0.33% of the company’s stock.

Progressive Stock Up 1.1%

Shares of PGR opened at $204.07 on Monday. The business’s 50 day moving average is $212.67 and its 200 day moving average is $226.45. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a 12-month low of $197.92 and a 12-month high of $292.99. The company has a market capitalization of $119.67 billion, a PE ratio of 10.61, a price-to-earnings-growth ratio of 8.92 and a beta of 0.33.

Progressive Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s payout ratio is 2.08%.

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.