The Progressive Corporation (NYSE:PGR) Stock Holdings Trimmed by Patten & Patten Inc. TN

Key Points

• Patten & Patten Inc. decreased its stake in The Progressive Corporation by 1.2%, ending the first quarter with 148,279 shares valued at approximately $41.96 million.
• Progressive has received mixed analyst ratings, with nine analysts rating it a "hold" and nine a "buy," contributing to a consensus rating of "Moderate Buy."
• Insider selling saw Director Dyke Kahina Van and another insider offload shares, with the total insider sales in the last quarter reaching 33,972 shares valued at over $9 million.

Patten & Patten Inc. TN reduced its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 1.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 148,279 shares of the insurance provider's stock after selling 1,830 shares during the quarter. Progressive comprises about 2.8% of Patten & Patten Inc. TN's investment portfolio, making the stock its 4th biggest position. Patten & Patten Inc. TN's holdings in Progressive were worth $41,964,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in Progressive by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock worth $3,498,363,000 after purchasing an additional 189,638 shares in the last quarter. Northern Trust Corp lifted its holdings in Progressive by 13.0% during the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after buying an additional 710,684 shares during the period. Capital Research Global Investors lifted its holdings in Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after buying an additional 1,547,677 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Progressive by 18.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock worth $1,433,722,000 after buying an additional 915,643 shares during the period. Finally, Invesco Ltd. lifted its holdings in Progressive by 2.9% during the fourth quarter. Invesco Ltd. now owns 5,521,545 shares of the insurance provider's stock worth $1,323,018,000 after buying an additional 153,044 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

Shares of NYSE:PGR traded down $9.43 during trading on Monday, reaching $240.67. 5,549,639 shares of the company's stock traded hands, compared to its average volume of 3,551,047. The Progressive Corporation has a fifty-two week low of $208.13 and a fifty-two week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21. The firm has a market cap of $141.09 billion, a PE ratio of 13.56, a P/E/G ratio of 1.50 and a beta of 0.37. The company has a 50-day simple moving average of $263.30 and a 200-day simple moving average of $266.31.

Progressive (NYSE:PGR - Get Free Report) last posted 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 firm had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same period last year, the firm earned $2.48 EPS. The company's quarterly revenue was up 12.1% on a year-over-year basis. As a group, analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently disclosed a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were issued a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date was Thursday, July 3rd. Progressive's payout ratio is 2.25%.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $263.79, for a total value of $2,637,900.00. Following the sale, the chief financial officer directly owned 228,024 shares in the company, valued at approximately $60,150,450.96. The trade was a 4.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $247.54, for a total value of $313,633.18. Following the completion of the sale, the insider owned 26,354 shares in the company, valued at approximately $6,523,669.16. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,972 shares of company stock worth $9,078,681 in the last quarter. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PGR shares. Bank of America lowered their target price on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Jefferies Financial Group lowered their target price on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Wells Fargo & Company upped their target price on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Finally, Keefe, Bruyette & Woods decreased their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday, July 17th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Progressive presently has an average rating of "Moderate Buy" and a consensus price target of $286.88.

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.