Trueblood Wealth Management LLC Lowers Stake in The Progressive Co. (NYSE:PGR)

Trueblood Wealth Management LLC cut its stake in The Progressive Co. (NYSE:PGR) by 4.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,293 shares of the insurance provider’s stock after selling 60 shares during the period. Trueblood Wealth Management LLC’s holdings in Progressive were worth $310,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PGR. Mechanics Bank Trust Department lifted its stake in Progressive by 79.2% during the fourth quarter. Mechanics Bank Trust Department now owns 2,039 shares of the insurance provider’s stock worth $489,000 after purchasing an additional 901 shares during the last quarter. Diversify Wealth Management LLC lifted its position in Progressive by 2.8% in the 4th quarter. Diversify Wealth Management LLC now owns 13,512 shares of the insurance provider’s stock worth $3,184,000 after buying an additional 364 shares during the last quarter. Grove Bank & Trust boosted its stake in Progressive by 14.7% in the fourth quarter. Grove Bank & Trust now owns 1,132 shares of the insurance provider’s stock worth $271,000 after buying an additional 145 shares in the last quarter. Artemis Investment Management LLP grew its position in Progressive by 3.8% during the fourth quarter. Artemis Investment Management LLP now owns 180,711 shares of the insurance provider’s stock valued at $43,300,000 after acquiring an additional 6,579 shares during the last quarter. Finally, Liberty One Investment Management LLC raised its stake in shares of Progressive by 11.6% during the fourth quarter. Liberty One Investment Management LLC now owns 1,303 shares of the insurance provider’s stock worth $312,000 after acquiring an additional 135 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. TD Cowen lifted their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Bank of America boosted their target price on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Evercore ISI raised their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Finally, BMO Capital Markets lowered their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $275.24.

Insiders Place Their Bets

In other Progressive news, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares of the company’s stock, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the sale, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. This represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,938 shares of company stock worth $7,473,490. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

Progressive stock opened at $243.79 on Monday. The Progressive Co. has a fifty-two week low of $166.92 and a fifty-two week high of $270.62. The stock’s 50 day simple moving average is $250.18 and its two-hundred day simple moving average is $242.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market cap of $142.82 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 0.61 and a beta of 0.41.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.16%. 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.