Cornerstone Wealth Group LLC Makes New $232,000 Investment in The Progressive Co. (NYSE:PGR)

Cornerstone Wealth Group LLC acquired a new position in shares of The Progressive Co. (NYSE:PGR) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 916 shares of the insurance provider’s stock, valued at approximately $232,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of PGR. Norden Group LLC acquired a new position in shares of Progressive during the first quarter worth about $987,000. Private Advisor Group LLC lifted its stake in shares of Progressive by 7.4% during the first quarter. Private Advisor Group LLC now owns 10,610 shares of the insurance provider’s stock worth $2,194,000 after purchasing an additional 727 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Progressive by 18.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 171,671 shares of the insurance provider’s stock worth $35,505,000 after purchasing an additional 26,202 shares in the last quarter. Precision Wealth Strategies LLC acquired a new position in shares of Progressive during the first quarter worth about $424,000. Finally, Kinsale Capital Group Inc. lifted its stake in shares of Progressive by 19.5% in the first quarter. Kinsale Capital Group Inc. now owns 25,632 shares of the insurance provider’s stock worth $5,301,000 after acquiring an additional 4,181 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 0.1 %

Shares of Progressive stock opened at $242.79 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The business’s 50 day simple moving average is $250.85 and its 200-day simple moving average is $226.41. The stock has a market capitalization of $142.19 billion, a price-to-earnings ratio of 17.64, a PEG ratio of 0.67 and a beta of 0.35. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $260.46.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio is currently 2.91%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Piper Sandler increased their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Evercore ISI increased their price target on Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a report on Monday, August 12th. StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a report on Friday. Finally, Barclays increased their price target on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $263.19.

Insider Activity at Progressive

In related news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Jo Murphy sold 9,512 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the transaction, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,843 shares of company stock worth $18,674,912 in the last three months. 0.34% of the stock is 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.