Cornerstone Wealth Group LLC Acquires 79 Shares of The Progressive Co. (NYSE:PGR)

Cornerstone Wealth Group LLC increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 8.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 995 shares of the insurance provider’s stock after purchasing an additional 79 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Progressive were worth $238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Davis Capital Management bought a new position in Progressive during the 3rd quarter valued at about $25,000. DiNuzzo Private Wealth Inc. raised its holdings in shares of Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Kimelman & Baird LLC bought a new position in Progressive during the second quarter valued at approximately $36,000. Friedenthal Financial purchased a new stake in Progressive in the third quarter worth approximately $49,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Progressive in the 3rd quarter worth approximately $49,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of several research analyst reports. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a report on Tuesday, December 10th. JPMorgan Chase & Co. raised their target price on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, Evercore ISI upped their target price on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $274.65.

Progressive Stock Performance

NYSE:PGR opened at $246.83 on Tuesday. The stock has a 50-day moving average price of $248.27 and a 200 day moving average price of $243.79. The stock has a market capitalization of $144.60 billion, a P/E ratio of 17.94, a P/E/G ratio of 0.62 and a beta of 0.41. The Progressive Co. has a 12-month low of $175.50 and a 12-month high of $270.62. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $115,255,231.44. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, the insider now directly owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,506 shares of company stock worth $10,531,159 over the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.