Cornerstone Wealth Management LLC Acquires Shares of 878 The Progressive Co. (NYSE:PGR)

Cornerstone Wealth Management LLC bought a new position in The Progressive Co. (NYSE:PGR) during the 3rd quarter, HoldingsChannel reports. The fund bought 878 shares of the insurance provider’s stock, valued at approximately $223,000.

Other hedge funds have also made changes to their positions in the company. SG Americas Securities LLC increased its holdings in shares of Progressive by 4,545.0% during the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock worth $145,858,000 after buying an additional 690,060 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after purchasing an additional 686,433 shares in the last quarter. Capital International Investors raised its position in Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after purchasing an additional 670,006 shares during the last quarter. Swedbank AB acquired a new position in Progressive in the first quarter worth $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Progressive by 457.2% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock worth $135,366,000 after purchasing an additional 534,754 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Down 0.1 %

PGR opened at $251.12 on Friday. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $260.46. The firm has a market cap of $147.07 billion, a PE ratio of 21.50, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The firm’s fifty day moving average is $248.81 and its two-hundred day moving average is $224.14.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s payout ratio is 3.42%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PGR. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a report on Wednesday. Roth Mkm upped their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. raised their price target on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, The Goldman Sachs Group lifted their target price on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $268.81.

Insiders Place Their Bets

In related news, insider Andrew J. Quigg sold 3,975 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the transaction, the insider now directly owns 32,780 shares in the company, valued at approximately $7,015,247.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Progressive news, insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total value of $850,689.75. Following the transaction, the insider now owns 32,780 shares of the company’s stock, valued at approximately $7,015,247.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 144,383 shares of company stock worth $33,446,453 over the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

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.