Corundum Group Inc. Has $321,000 Stake in The Progressive Co. (NYSE:PGR)

Corundum Group Inc. lowered its position in The Progressive Co. (NYSE:PGR) by 12.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,340 shares of the insurance provider’s stock after selling 192 shares during the period. Corundum Group Inc.’s holdings in Progressive were worth $321,000 at the end of the most recent reporting period.

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

Progressive Stock Performance

NYSE:PGR opened at $243.79 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $142.82 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 0.61 and a beta of 0.41. The Progressive Co. has a 12-month low of $166.92 and a 12-month high of $270.62. The firm has a 50-day moving average price of $250.18 and a 200 day moving average price of $242.49.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Insider Activity at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 191 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were 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 owns 3,982 shares in the company, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,938 shares of company stock valued at $7,473,490 in the last ninety days. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PGR shares. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a research report on Thursday, December 26th. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. BMO Capital Markets decreased their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research note on Tuesday, December 10th. Finally, Jefferies Financial Group increased their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average target price 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.