The Progressive Corporation $PGR Shares Sold by Cumberland Partners Ltd

Cumberland Partners Ltd decreased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 25.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 28,270 shares of the insurance provider’s stock after selling 9,579 shares during the period. Cumberland Partners Ltd’s holdings in Progressive were worth $6,981,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. CVA Family Office LLC grew its position in shares of Progressive by 4.2% in the second quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock valued at $281,000 after purchasing an additional 42 shares during the period. Bell Investment Advisors Inc lifted its stake in Progressive by 20.8% in the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after buying an additional 44 shares in the last quarter. Maia Wealth LLC boosted its holdings in Progressive by 5.4% in the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after buying an additional 44 shares during the last quarter. Trail Ridge Investment Advisors LLC increased its stake in Progressive by 1.6% during the 2nd quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider’s stock worth $775,000 after buying an additional 45 shares in the last quarter. Finally, Selective Wealth Management Inc. raised its holdings in shares of Progressive by 2.1% during the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock valued at $538,000 after acquiring an additional 45 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction on Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the sale, the insider owned 26,354 shares in the company, valued at $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer directly owned 223,024 shares in the company, valued at approximately $50,956,523.52. This trade represents a 2.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 12,443 shares of company stock worth $2,723,061. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Down 2.2%

Shares of PGR stock opened at $203.40 on Thursday. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99. The company’s 50-day moving average price is $213.85 and its 200-day moving average price is $227.14. The stock has a market cap of $119.27 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 7.28 and a beta of 0.32.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is 2.08%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PGR. HSBC lowered Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Jefferies Financial Group set a $216.00 price objective on Progressive in a report on Wednesday, February 11th. UBS Group set a $226.00 target price on shares of Progressive in a report on Monday, February 2nd. Bank of America decreased their price target on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research note on Tuesday, December 9th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Seven research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $250.41.

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.