Chesley Taft & Associates LLC Decreases Holdings in The Progressive Corporation $PGR

Chesley Taft & Associates LLC lowered its position in The Progressive Corporation (NYSE:PGR) by 29.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,180 shares of the insurance provider’s stock after selling 5,946 shares during the period. Chesley Taft & Associates LLC’s holdings in Progressive were worth $3,098,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in Progressive in the fourth quarter valued at $269,000. Bison Wealth LLC increased its position in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares in the last quarter. HUB Investment Partners LLC increased its position in shares of Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after buying an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its stake in shares of Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the transaction, the insider owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares in the company, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock worth $15,880,459 over the last three months. Company insiders own 0.32% of the company’s stock.

Progressive Trading Down 0.0%

Progressive stock opened at $215.32 on Friday. The stock has a 50-day moving average price of $213.00 and a 200 day moving average price of $206.26. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The stock has a market cap of $125.18 billion, a PE ratio of 10.80, a P/E/G ratio of 2.90 and a beta of 0.27. The company has a current ratio of 0.29, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24.

Analyst Ratings Changes

Several research firms recently commented on PGR. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. William Blair restated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Mizuho set a $236.00 price target on shares of Progressive in a report on Wednesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. Finally, Wells Fargo & Company dropped their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research note on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average target price of $235.26.

Progressive Profile

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.