Cornerstone Wealth Group LLC Purchases 4,825 Shares of The Progressive Corporation $PGR

Cornerstone Wealth Group LLC boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 399.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,033 shares of the insurance provider’s stock after buying an additional 4,825 shares during the period. Cornerstone Wealth Group LLC’s holdings in Progressive were worth $1,252,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Allstate Corp boosted its stake in shares of Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after purchasing an additional 22,915 shares in the last quarter. Norges Bank bought a new position in Progressive in the 4th quarter valued at approximately $1,836,094,000. Mariner LLC lifted its stake in Progressive by 7.9% in the 3rd quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock valued at $159,183,000 after purchasing an additional 47,248 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in Progressive by 5.7% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock valued at $411,506,000 after buying an additional 97,275 shares in the last quarter. Finally, Investment House LLC bought a new stake in shares of Progressive during the fourth quarter worth $8,447,000. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, insider John Jo Murphy sold 5,916 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 15,230 shares of company stock worth $3,165,817 over the last ninety days. Insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. BMO Capital Markets reiterated a “market perform” rating and issued a $220.00 price target on shares of Progressive in a research note on Wednesday, May 20th. Evercore reaffirmed a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Royal Bank Of Canada set a $208.00 target price on Progressive in a research report on Friday, May 22nd. Wells Fargo & Company reduced their price target on Progressive from $222.00 to $219.00 and set an “equal weight” rating on the stock in a report on Thursday, June 18th. Finally, Bank of America lowered their price objective on Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research note on Thursday, June 18th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $237.58.

Progressive Stock Down 0.1%

Shares of NYSE:PGR opened at $224.11 on Monday. The firm has a market cap of $130.96 billion, a P/E ratio of 11.39, a P/E/G ratio of 6.81 and a beta of 0.28. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $267.92. The business has a fifty day simple moving average of $201.86 and a 200 day simple moving average of $206.77. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.37 EPS. Analysts predict that The Progressive Corporation will post 17.08 earnings per share for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.03%.

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.