Cornerstone Wealth Group LLC Has $1.25 Million Holdings in The Progressive Corporation $PGR

Cornerstone Wealth Group LLC raised its holdings in The Progressive Corporation (NYSE:PGR) by 399.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,033 shares of the insurance provider’s stock after buying an additional 4,825 shares during the period. Cornerstone Wealth Group LLC’s holdings in Progressive were worth $1,252,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Bard Associates Inc. bought a new stake in Progressive in the 4th quarter valued at $27,000. Dagco Inc. bought a new position in Progressive during the fourth quarter worth $28,000. HHM Wealth Advisors LLC boosted its position in Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the period. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive in the fourth quarter valued at $29,000. Finally, Ameriflex Group Inc. increased its holdings in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PGR. Piper Sandler restated an “overweight” rating and set a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Morgan Stanley decreased their price target on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research note on Tuesday, March 31st. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a report on Friday, May 22nd. Bank of America cut their price objective on shares of Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research report on Thursday, June 18th. Finally, Jefferies Financial Group reduced their price objective on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a report on Tuesday, March 24th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $237.58.

Progressive Stock Down 0.1%

PGR opened at $224.11 on Monday. The stock has a fifty day moving average of $201.86 and a 200-day moving average of $206.77. The company has a market capitalization of $130.96 billion, a P/E ratio of 11.39, a P/E/G ratio of 6.81 and a beta of 0.28. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $267.92. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the prior year, the company posted $4.37 earnings per share. Progressive’s revenue was up 6.5% compared to the same quarter last year. On average, equities analysts expect that The Progressive Corporation will post 17.08 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.03%.

Insider Transactions at Progressive

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the completion of the sale, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 15,230 shares of company stock valued at $3,165,817. 0.32% of the stock is currently owned by company insiders.

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.