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

Trueblood Wealth Management LLC cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 4.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Mechanics Bank Trust Department boosted its holdings in shares of Progressive by 79.2% during the 4th quarter. Mechanics Bank Trust Department now owns 2,039 shares of the insurance provider’s stock valued at $489,000 after acquiring an additional 901 shares during the last quarter. Diversify Wealth Management LLC raised its holdings in shares of Progressive by 2.8% during the fourth quarter. Diversify Wealth Management LLC now owns 13,512 shares of the insurance provider’s stock valued at $3,184,000 after purchasing an additional 364 shares during the last quarter. Grove Bank & Trust lifted its position in Progressive by 14.7% during the fourth quarter. Grove Bank & Trust now owns 1,132 shares of the insurance provider’s stock valued at $271,000 after purchasing an additional 145 shares during the period. Artemis Investment Management LLP boosted its holdings in shares of Progressive by 3.8% in the fourth quarter. Artemis Investment Management LLP now owns 180,711 shares of the insurance provider’s stock worth $43,300,000 after buying an additional 6,579 shares during the last quarter. Finally, Liberty One Investment Management LLC grew its position in shares of Progressive by 11.6% during the 4th quarter. Liberty One Investment Management LLC now owns 1,303 shares of the insurance provider’s stock valued at $312,000 after acquiring an additional 135 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 9,066 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 transaction of $2,194,878.60. Following the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at $114,691,485.60. The trade was a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares of the company’s stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,938 shares of company stock valued at $7,473,490 over the last 90 days. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

NYSE PGR opened at $243.79 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a 1-year low of $166.92 and a 1-year high of $270.62. The business has a 50 day simple moving average of $250.18 and a two-hundred day simple moving average of $242.49. The stock has a market capitalization of $142.82 billion, a PE ratio of 17.72, a P/E/G ratio of 0.61 and a beta of 0.41.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is presently 2.91%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PGR. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Jefferies Financial Group lifted their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. increased their target price on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Keefe, Bruyette & Woods lowered their price target on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Finally, Evercore ISI increased their price objective on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $275.24.

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.