Clearstead Advisors LLC Trims Position in The Progressive Corporation $PGR

Clearstead Advisors LLC lessened its holdings in shares of The Progressive Corporation (NYSE:PGR) by 7.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Davis Capital Management purchased a new stake in shares of Progressive in the 3rd quarter worth about $25,000. Atlantic Union Bankshares Corp bought a new position in Progressive in the second quarter worth about $33,000. Westside Investment Management Inc. lifted its holdings in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares during the period. Howard Hughes Medical Institute bought a new stake in Progressive during the 2nd quarter valued at approximately $34,000. Finally, TruNorth Capital Management LLC grew its holdings in shares of Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 135 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PGR shares. Zacks Research cut Progressive from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. Evercore set a $230.00 price objective on Progressive in a research report on Thursday. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research report on Thursday. Mizuho set a $240.00 price target on shares of Progressive in a research note on Wednesday, January 14th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus price target of $245.29.

Progressive Stock Performance

Shares of Progressive stock opened at $204.07 on Monday. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The firm’s 50-day moving average is $212.67 and its 200 day moving average is $226.45. The stock has a market cap 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 has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29.

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 dividend of $0.10 per share. The ex-dividend date was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.08%.

Insider Activity

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the sale, the insider owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the chief financial officer directly owned 223,024 shares in the company, valued at approximately $50,956,523.52. The trade was a 2.19% 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 three months. 0.33% of the stock is currently owned by 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.