Clearstead Trust LLC Acquires 4,907 Shares of The Progressive Corporation $PGR

Clearstead Trust LLC lifted its holdings in The Progressive Corporation (NYSE:PGR) by 260.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 6,793 shares of the insurance provider’s stock after purchasing an additional 4,907 shares during the quarter. Clearstead Trust LLC’s holdings in Progressive were worth $1,678,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new stake in Progressive in the 3rd quarter valued at about $25,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Progressive in the second quarter valued at approximately $33,000. Westside Investment Management Inc. raised its position in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the last quarter. Howard Hughes Medical Institute acquired a new position in Progressive during the 2nd quarter worth $34,000. Finally, TruNorth Capital Management LLC boosted its position in Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after buying an additional 135 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 1.1%

Progressive stock opened at $204.07 on Monday. The firm has a market capitalization of $119.67 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 8.92 and a beta of 0.33. The company’s 50 day simple moving average is $212.67 and its 200 day simple moving average is $226.45. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99.

Progressive Dividend Announcement

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. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is 2.08%.

Insider Activity

In related news, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the sale, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. This represents a 2.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CIO Jonathan S. Bauer sold 3,105 shares of Progressive stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the transaction, the executive owned 26,249 shares in the company, valued at approximately $5,363,983.15. This represents a 10.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 11,098 shares of company stock worth $2,416,011 over the last quarter. Corporate insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on PGR. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a research report on Thursday. HSBC cut shares of 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 objective on shares of Progressive in a report on Thursday. Finally, William Blair lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $245.29.

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.