Close Asset Management Ltd Buys 4,037 Shares of The Progressive Corporation $PGR

Close Asset Management Ltd raised its stake in The Progressive Corporation (NYSE:PGR) by 1.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 406,889 shares of the insurance provider’s stock after buying an additional 4,037 shares during the period. Progressive makes up about 2.2% of Close Asset Management Ltd’s investment portfolio, making the stock its 17th biggest position. Close Asset Management Ltd’s holdings in Progressive were worth $100,471,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PGR. Bell Investment Advisors Inc boosted its holdings in shares of Progressive by 20.8% in the second quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 44 shares during the period. Maia Wealth LLC raised its position in Progressive by 5.4% during the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock valued at $229,000 after purchasing an additional 44 shares in the last quarter. Trail Ridge Investment Advisors LLC lifted its holdings in shares of Progressive by 1.6% in the 2nd quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider’s stock worth $775,000 after buying an additional 45 shares during the period. Selective Wealth Management Inc. grew its position in shares of Progressive by 2.1% during the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock worth $538,000 after buying an additional 45 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its stake in shares of Progressive by 0.9% during the second quarter. Parkside Financial Bank & Trust now owns 5,130 shares of the insurance provider’s stock valued at $1,369,000 after buying an additional 46 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the sale, the insider owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CIO Jonathan S. Bauer sold 2,266 shares of the business’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the sale, the executive owned 26,250 shares in the company, valued at $5,330,062.50. The trade was a 7.95% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 9,103 shares of company stock valued at $1,883,924. 0.34% of the stock is owned by corporate insiders.

Progressive Price Performance

Shares of PGR opened at $211.60 on Friday. The company has a 50 day moving average of $210.77 and a two-hundred day moving average of $225.62. The company has a market cap of $124.08 billion, a price-to-earnings ratio of 11.00, a price-to-earnings-growth ratio of 8.94 and a beta of 0.32. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio is currently 2.08%.

Analyst Ratings Changes

PGR has been the subject of a number of research reports. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research note on Thursday, February 19th. Bank of America dropped their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research note on Tuesday, December 9th. Citigroup cut their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. The Goldman Sachs Group restated a “buy” rating and set a $225.00 target price on shares of Progressive in a report on Monday. Finally, William Blair downgraded Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Six investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $244.71.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.