Clearstead Trust LLC Has $503,000 Holdings in The Progressive Corporation $PGR

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

Several other institutional investors have also recently bought and sold shares of the business. New York Life Investment Management LLC boosted its position in shares of Progressive by 1.4% in the 2nd quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after purchasing an additional 1,192 shares during the last quarter. Baron Silver Stevens Financial Advisors LLC acquired a new position in Progressive in the second quarter valued at about $306,000. Wakefield Asset Management LLLP boosted its holdings in Progressive by 199.0% during the second quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock worth $2,511,000 after buying an additional 6,263 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Progressive during the 2nd quarter worth about $13,583,000. Finally, Whalen Wealth Management Inc. bought a new stake in shares of Progressive in the 2nd quarter valued at about $647,000. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

PGR stock opened at $222.95 on Friday. The stock has a 50-day moving average price of $231.39 and a two-hundred day moving average price of $250.90. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The stock has a market cap of $130.74 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19.

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

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the sale, the insider owned 43,506 shares of the company’s stock, valued at $10,532,802.60. The trade was a 4.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. The trade was a 6.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 51,782 shares of company stock worth $12,708,788. 0.33% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Morgan Stanley set a $214.00 price objective on shares of Progressive and gave the stock an “underweight” rating in a research note on Monday, October 20th. Jefferies Financial Group reduced their price target on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a report on Monday, November 3rd. The Goldman Sachs Group dropped their price objective on Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Finally, Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Eight investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $269.90.

Progressive Company 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.