Clarendon Private LLC Invests $636,000 in The Progressive Co. (NYSE:PGR)

Clarendon Private LLC bought a new stake in shares of The Progressive Co. (NYSE:PGR) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,653 shares of the insurance provider’s stock, valued at approximately $636,000.

Several other hedge funds have also bought and sold shares of PGR. State Street Corp grew its stake in shares of Progressive by 1.3% during the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock valued at $6,263,763,000 after acquiring an additional 315,411 shares during the period. Geode Capital Management LLC lifted its holdings in Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares in the last quarter. FMR LLC boosted its position in shares of Progressive by 1.6% in the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock worth $2,669,204,000 after purchasing an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after purchasing an additional 330,667 shares in the last quarter. Finally, Jennison Associates LLC raised its position in shares of Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares during the period. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Jefferies Financial Group increased their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Barclays cut their price objective on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. Finally, BMO Capital Markets lowered their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $274.65.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of the stock in a transaction on 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 owns 473,736 shares in the company, valued at $115,255,231.44. This trade represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the sale, the insider now owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,506 shares of company stock worth $10,531,159. 0.34% of the stock is currently owned by insiders.

Progressive Stock Performance

NYSE PGR opened at $238.58 on Friday. The company has a market cap of $139.76 billion, a P/E ratio of 17.34, a P/E/G ratio of 0.62 and a beta of 0.41. The business’s 50 day moving average price is $248.27 and its 200-day moving average price is $243.31. The Progressive Co. has a fifty-two week low of $175.50 and a fifty-two week high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is currently 2.91%.

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.