The Progressive Corporation $PGR Holdings Decreased by Makaira Partners LLC

Key Points

• Makaira Partners LLC significantly reduced its stake in The Progressive Corporation by 86.8% in the first quarter, now holding 43,323 shares valued at approximately $12.26 million.
• Progressive reported earnings of $4.88 per share for the last quarter, surpassing the consensus estimate of $4.43, while its revenue was $20.08 billion, slightly below the estimated $20.39 billion.
• The company announced a quarterly dividend of $0.10 per share, which is set to be paid on October 10th, reflecting an annual yield of 0.2% and a payout ratio of 2.25%.

Makaira Partners LLC trimmed its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 86.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 43,323 shares of the insurance provider's stock after selling 285,920 shares during the period. Progressive comprises about 4.1% of Makaira Partners LLC's holdings, making the stock its 9th biggest position. Makaira Partners LLC's holdings in Progressive were worth $12,261,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Highline Wealth Partners LLC raised its holdings in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the last quarter. TruNorth Capital Management LLC grew its holdings in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new stake in Progressive in the fourth quarter valued at $28,000. HWG Holdings LP purchased a new position in shares of Progressive in the first quarter valued at $28,000. Finally, Garde Capital Inc. acquired a new position in shares of Progressive during the 1st quarter worth $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Trading Up 0.6%

Shares of NYSE PGR traded up $1.59 during midday trading on Thursday, reaching $246.28. 2,316,522 shares of the stock were exchanged, compared to its average volume of 2,907,152. The stock has a 50 day moving average price of $249.97 and a 200-day moving average price of $266.18. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $144.37 billion, a P/E ratio of 13.87, a P/E/G ratio of 1.42 and a beta of 0.33. The Progressive Corporation has a 52-week low of $228.54 and a 52-week 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive's revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the business earned $2.48 earnings per share. Equities research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 2nd. 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 Upgrades and Downgrades

Several equities research analysts recently commented on PGR shares. Keefe, Bruyette & Woods decreased their price objective on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research report on Thursday, July 17th. Citigroup assumed coverage on shares of Progressive in a research report on Wednesday, August 13th. They set a "buy" rating and a $312.00 target price for the company. Morgan Stanley increased their price target on shares of Progressive from $265.00 to $267.00 and gave the company an "equal weight" rating in a research report on Friday, August 22nd. Jefferies Financial Group dropped their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Finally, Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Progressive has a consensus rating of "Moderate Buy" and an average price target of $284.18.

Insider Transactions at Progressive

In related news, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the completion of the sale, the insider directly owned 27,844 shares in the company, valued at approximately $6,742,703.04. The trade was a 18.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 108,351 shares of company stock valued at $27,003,746. Corporate insiders own 0.34% of the company's stock.

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.