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

Clarendon Private LLC purchased a new stake in shares of The Progressive Co. (NYSE:PGR) during the 4th quarter, HoldingsChannel.com reports. The fund purchased 2,653 shares of the insurance provider’s stock, valued at approximately $636,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Raleigh Capital Management Inc. grew its holdings in Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after acquiring an additional 41 shares in the last quarter. LRI Investments LLC boosted its stake in shares of Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 42 shares in the last quarter. Castleview Partners LLC increased its holdings in Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after buying an additional 45 shares during the period. Washington Trust Bank increased its holdings in Progressive by 4.6% during the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after buying an additional 45 shares during the period. Finally, Kelleher Financial Advisors raised its stake in Progressive by 4.7% in the fourth quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider’s stock worth $238,000 after buying an additional 45 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PGR shares. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a research note on Thursday, December 26th. Keefe, Bruyette & Woods reduced their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Jefferies Financial Group raised their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, BMO Capital Markets reduced their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $274.65.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 11,021 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the transaction, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,506 shares of company stock valued at $10,531,159 in the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.4 %

Shares of NYSE:PGR opened at $238.58 on Friday. 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 Progressive Co. has a 52-week low of $175.50 and a 52-week high of $270.62. The stock has a market cap of $139.76 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 0.62 and a beta of 0.41. The business has a 50-day moving average price of $248.27 and a 200-day moving average price of $243.31.

Progressive Announces Dividend

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

Progressive 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.