The Progressive Corporation (NYSE:PGR) Shares Sold by Callan Family Office LLC

Key Points

• Callan Family Office LLC decreased its stake in The Progressive Corporation by 56.5%, leaving it with 5,370 shares valued at approximately $1.52 million.
• Several institutions have been active with their investments, with Vanguard Group increasing its stake by 1.2% to own over 54 million shares, while other firms like Northern Trust and Capital Research made significant increases as well.
• The Progressive Corporation's CFO and CEO have both sold shares recently, resulting in a 6.81% and 5.70% decrease in their respective holdings.

Callan Family Office LLC reduced its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 56.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 5,370 shares of the insurance provider's stock after selling 6,977 shares during the period. Callan Family Office LLC's holdings in Progressive were worth $1,520,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Highline Wealth Partners LLC lifted its stake in shares of Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares during the last quarter. TruNorth Capital Management LLC lifted its stake in shares of Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares during the last quarter. Minot DeBlois Advisors LLC bought a new stake in Progressive during the 4th quarter valued at $28,000. HWG Holdings LP bought a new stake in Progressive during the 1st quarter valued at $28,000. Finally, Garde Capital Inc. bought a new stake in Progressive during the 1st quarter valued at $33,000. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

PGR stock traded up $2.00 during mid-day trading on Thursday, reaching $251.19. 4,574,102 shares of the company's stock were exchanged, compared to its average volume of 3,178,978. The company has a market cap of $147.25 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 1.47 and a beta of 0.33. The stock's 50 day moving average is $253.79 and its 200 day moving average is $266.24. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The business had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter in the prior year, the firm earned $2.48 earnings per share. The business's revenue was up 12.1% compared to the same quarter last year. On average, research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.25%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PGR shares. Keefe, Bruyette & Woods decreased their target price on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research report on Thursday, July 17th. UBS Group decreased their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Cantor Fitzgerald raised Progressive to a "hold" rating in a research report on Wednesday. Jefferies Financial Group decreased their target price on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research report on Monday. Finally, Wells Fargo & Company lifted their price target on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Ten equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $283.06.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 30,660 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the sale, the chief executive officer owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karen Bailo sold 8,922 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $2,223,719.28. Following the completion of the sale, the insider directly owned 32,346 shares of the company's stock, valued at approximately $8,061,917.04. This represents a 21.62% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 104,250 shares of company stock valued at $26,332,348. 0.34% of the stock is owned by insiders.

Progressive Company 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.