Clarendon Private LLC Has $1.20 Million Stake in The Progressive Corporation $PGR

Clarendon Private LLC boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 7.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,512 shares of the insurance provider’s stock after acquiring an additional 322 shares during the period. Progressive accounts for 1.2% of Clarendon Private LLC’s investment portfolio, making the stock its 19th biggest holding. Clarendon Private LLC’s holdings in Progressive were worth $1,204,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Baron Silver Stevens Financial Advisors LLC acquired a new position in Progressive during the 2nd quarter worth $306,000. State of Alaska Department of Revenue lifted its position in Progressive by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock worth $19,426,000 after acquiring an additional 1,800 shares during the last quarter. Trust Co. of Oklahoma acquired a new position in Progressive during the 2nd quarter worth $439,000. Belmont Capital LLC acquired a new position in Progressive during the 1st quarter worth $580,000. Finally, Zurich Insurance Group Ltd FI lifted its position in Progressive by 87.9% during the 1st quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider’s stock worth $117,218,000 after acquiring an additional 193,800 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $240.18 on Friday. The stock has a market cap of $140.80 billion, a P/E ratio of 13.53, a PEG ratio of 1.34 and a beta of 0.32. The company’s 50-day simple moving average is $245.20 and its 200 day simple moving average is $259.65. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.48 earnings per share. As a group, research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 2nd. Progressive’s dividend payout ratio is currently 2.25%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PGR. UBS Group dropped their price objective on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Citigroup restated a “buy” rating on shares of Progressive in a report on Friday, August 29th. Jefferies Financial Group dropped their price objective on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Finally, Bank of America boosted their price objective on shares of Progressive from $343.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, September 29th. Seven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, Progressive presently has an average rating of “Hold” and an average target price of $279.63.

Insider Activity

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the sale, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.34% of the company’s stock.

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.