Donaldson Capital Management LLC Acquires 9,154 Shares of The Progressive Corporation $PGR

Donaldson Capital Management LLC grew its holdings in The Progressive Corporation (NYSE:PGR) by 30.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,741 shares of the insurance provider’s stock after purchasing an additional 9,154 shares during the quarter. Donaldson Capital Management LLC’s holdings in Progressive were worth $8,822,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PGR. TrueMark Investments LLC purchased a new position in shares of Progressive in the 4th quarter worth approximately $808,000. Thompson Investment Management Inc. purchased a new stake in Progressive during the fourth quarter valued at approximately $46,000. Goelzer Investment Management Inc. acquired a new stake in Progressive in the fourth quarter valued at approximately $1,234,000. Sky Investment Group LLC boosted its stake in Progressive by 43.9% in the fourth quarter. Sky Investment Group LLC now owns 18,962 shares of the insurance provider’s stock valued at $4,318,000 after acquiring an additional 5,781 shares in the last quarter. Finally, Spire Wealth Management grew its holdings in Progressive by 25.1% in the fourth quarter. Spire Wealth Management now owns 11,445 shares of the insurance provider’s stock worth $2,606,000 after purchasing an additional 2,294 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PGR. BMO Capital Markets decreased their price objective on Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a report on Wednesday, March 11th. JPMorgan Chase & Co. dropped their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Roth Mkm set a $235.00 target price on Progressive in a research report on Thursday, February 19th. The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 price target on shares of Progressive in a report on Monday, February 23rd. Finally, UBS Group boosted their price target on Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research note on Monday, March 23rd. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $239.22.

Progressive Stock Down 0.2%

Progressive stock opened at $198.41 on Monday. The business’s 50-day moving average price is $205.72 and its 200 day moving average price is $219.30. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The firm has a market cap of $116.06 billion, a price-to-earnings ratio of 10.31, a price-to-earnings-growth ratio of 5.74 and a beta of 0.33. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $289.96.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Insider Activity

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $634,506.75. Following the completion of the transaction, the executive directly owned 26,249 shares in the company, valued at $5,363,983.15. The trade was a 10.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 11,687 shares of company stock worth $2,413,044. 0.33% of the stock is currently owned by corporate insiders.

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.