Hillsdale Investment Management Inc. Cuts Stock Holdings in The Progressive Corporation $PGR

Hillsdale Investment Management Inc. lessened its holdings in The Progressive Corporation (NYSE:PGR) by 68.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,700 shares of the insurance provider’s stock after selling 8,040 shares during the period. Hillsdale Investment Management Inc.’s holdings in Progressive were worth $914,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Illinois Municipal Retirement Fund lifted its position in Progressive by 30.2% during the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock valued at $25,381,000 after acquiring an additional 23,833 shares during the last quarter. Allstate Corp grew its holdings in Progressive by 1,614.1% in the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after purchasing an additional 20,338 shares during the last quarter. New York Life Investment Management LLC increased its position in shares of Progressive by 1.4% during the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after purchasing an additional 1,192 shares in the last quarter. Gateway Investment Advisers LLC lifted its holdings in shares of Progressive by 91.7% during the 3rd quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock valued at $2,892,000 after purchasing an additional 5,600 shares during the last quarter. Finally, Mather Group LLC. boosted its position in shares of Progressive by 40.6% in the 3rd quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock worth $4,159,000 after purchasing an additional 4,865 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of PGR opened at $203.52 on Tuesday. The business’s 50-day moving average is $212.01 and its two-hundred day moving average is $226.15. The company has a market capitalization of $119.34 billion, a P/E ratio of 10.58, a P/E/G ratio of 8.92 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38.

Progressive Dividend Announcement

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

Insider Activity

In other news, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the transaction, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at $50,956,523.52. The trade was a 2.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the completion of the transaction, the executive owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This represents a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 11,098 shares of company stock worth $2,416,011 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of several recent analyst reports. UBS Group reduced their target price on Progressive from $226.00 to $218.00 and set a “neutral” rating on the stock in a research report on Monday. Roth Mkm set a $235.00 price objective on shares of Progressive in a report on Thursday. Zacks Research cut shares of Progressive from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $225.00 price objective on shares of Progressive in a research note on Monday. Seven research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $244.71.

Progressive Company 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.