Clearstead Trust LLC Has $1.68 Million Stock Holdings in The Progressive Corporation $PGR

Clearstead Trust LLC boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 260.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 quarter.

Several other institutional investors also recently added to or reduced their stakes in PGR. Norges Bank acquired a new stake in shares of Progressive in the second quarter worth $2,156,939,000. Alliancebernstein L.P. boosted its holdings in Progressive by 32.8% in the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after purchasing an additional 2,709,417 shares during the period. Vanguard Group Inc. grew its position in Progressive by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock worth $14,548,217,000 after purchasing an additional 493,332 shares during the last quarter. Temasek Holdings Private Ltd bought a new position in shares of Progressive during the 2nd quarter worth about $117,057,000. Finally, First Trust Advisors LP increased its holdings in shares of Progressive by 154.3% during the 2nd quarter. First Trust Advisors LP now owns 673,646 shares of the insurance provider’s stock worth $179,769,000 after purchasing an additional 408,779 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

Shares of PGR stock opened at $204.07 on Monday. The stock’s fifty day simple moving average is $212.67 and its 200 day simple moving average is $226.45. The Progressive Corporation has a one year low of $197.92 and a one year high of $292.99. The firm has a market cap of $119.67 billion, a price-to-earnings ratio of 10.61, a P/E/G 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 Dividend Announcement

The company 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. 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 dividend payout ratio is presently 2.08%.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew J. Quigg sold 1,649 shares of Progressive stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the transaction, the insider owned 39,626 shares of the company’s stock, valued at $8,097,573.10. This trade represents a 4.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 11,098 shares of company stock worth $2,416,011. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of several research reports. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Morgan Stanley reduced their price objective on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a research report on Wednesday, January 28th. Mizuho set a $240.00 price objective on Progressive in a research report on Wednesday, January 14th. Citigroup cut their target price on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Finally, Evercore set a $230.00 price target on shares of Progressive in a research note on Thursday. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $245.29.

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.