Stonegate Investment Group LLC Invests $325,000 in The Progressive Co. (NYSE:PGR)

Stonegate Investment Group LLC acquired a new stake in The Progressive Co. (NYSE:PGR) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,357 shares of the insurance provider’s stock, valued at approximately $325,000.

Several other hedge funds have also recently added to or reduced their stakes in PGR. NewEdge Advisors LLC raised its position in shares of Progressive by 20.6% in the 2nd quarter. NewEdge Advisors LLC now owns 30,429 shares of the insurance provider’s stock valued at $6,320,000 after acquiring an additional 5,199 shares during the period. Sunbelt Securities Inc. raised its holdings in Progressive by 21.3% in the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares during the period. Kimelman & Baird LLC bought a new position in shares of Progressive during the second quarter worth $36,000. EP Wealth Advisors LLC grew its holdings in shares of Progressive by 19.8% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,892 shares of the insurance provider’s stock valued at $393,000 after buying an additional 313 shares during the period. Finally, Truist Financial Corp increased its position in shares of Progressive by 27.7% in the 2nd quarter. Truist Financial Corp now owns 289,341 shares of the insurance provider’s stock valued at $60,099,000 after buying an additional 62,693 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods decreased their target price on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. JPMorgan Chase & Co. boosted their price objective on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, January 3rd. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a report on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $274.65.

Insiders Place Their Bets

In related news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 9,066 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at $114,691,485.60. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,506 shares of company stock valued at $10,531,159. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Down 0.8 %

PGR stock opened at $244.86 on Wednesday. The Progressive Co. has a twelve month low of $175.50 and a twelve month high of $270.62. The company has a market cap of $143.44 billion, a price-to-earnings ratio of 17.80, a P/E/G ratio of 0.62 and a beta of 0.41. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average price of $248.08 and a two-hundred day moving average price of $244.03.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s payout ratio is 2.91%.

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.