Clearstead Trust LLC Buys 272 Shares of The Progressive Corporation $PGR

Clearstead Trust LLC grew its stake in shares of The Progressive Corporation (NYSE:PGR) by 16.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,886 shares of the insurance provider’s stock after purchasing an additional 272 shares during the quarter. Clearstead Trust LLC’s holdings in Progressive were worth $503,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Brighton Jones LLC increased its holdings in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Progressive in the 4th quarter valued at about $269,000. Bison Wealth LLC increased its stake in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Progressive by 220.1% in the 1st quarter. Larson Financial Group LLC now owns 669 shares of the insurance provider’s stock valued at $189,000 after purchasing an additional 460 shares during the period. Finally, Allen Capital Group LLC acquired a new stake in Progressive in the 1st quarter valued at about $234,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods lowered their price target on Progressive from $262.00 to $246.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 5th. Evercore ISI decreased their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. JPMorgan Chase & Co. raised their price target on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. The Goldman Sachs Group reduced their price objective on shares of Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Finally, Wells Fargo & Company dropped their price objective on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 16th. Eight equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $269.90.

Progressive Stock Performance

Shares of NYSE PGR opened at $222.95 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The firm has a market cap of $130.74 billion, a price-to-earnings ratio of 12.23, a P/E/G ratio of 1.19 and a beta of 0.29. The stock’s fifty day moving average price is $231.39 and its two-hundred day moving average price is $250.90. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the previous year, the firm posted $3.58 EPS. On average, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 51,782 shares of company stock worth $12,708,788. 0.33% of the stock is currently owned by company insiders.

About Progressive

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.