Fiduciary Management Inc. WI Has $242.81 Million Stock Position in The Progressive Corporation $PGR

Key Points

• Fiduciary Management Inc. WI has reduced its stake in The Progressive Corporation by 3.1%, now holding 857,938 shares, making it the 10th largest position in their portfolio.
• Progressive's latest quarterly earnings beat expectations with an EPS of $4.88 and reported revenue of $20.08 billion, despite a decrease in net margin.
• Recent analyst ratings show a shift with Evercore ISI downgrading Progressive from "outperform" to "in-line," highlighting changing sentiments surrounding the stock.

Fiduciary Management Inc. WI decreased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 857,938 shares of the insurance provider's stock after selling 27,100 shares during the quarter. Progressive comprises approximately 2.3% of Fiduciary Management Inc. WI's holdings, making the stock its 10th largest position. Fiduciary Management Inc. WI owned about 0.15% of Progressive worth $242,805,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC boosted its stake in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares during the period. TruNorth Capital Management LLC boosted its stake in Progressive by 210.0% during the 1st 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 period. HWG Holdings LP bought a new stake in Progressive during the 1st quarter valued at approximately $28,000. Minot DeBlois Advisors LLC bought a new stake in Progressive during the 4th quarter valued at approximately $28,000. Finally, Garde Capital Inc. acquired a new position in Progressive in the 1st quarter valued at approximately $33,000. Institutional investors own 85.34% of the company's stock.

Analyst Ratings Changes

PGR has been the subject of several recent research reports. Citigroup initiated coverage on Progressive in a report on Wednesday, August 13th. They issued a "buy" rating and a $312.00 price target for the company. UBS Group cut their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a report on Monday, July 21st. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Keefe, Bruyette & Woods cut their price target on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a report on Thursday, July 17th. Finally, Cantor Fitzgerald raised Progressive to a "hold" rating in a report on Wednesday, August 13th. Nine investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $284.18.

Progressive Price Performance

Shares of PGR stock traded down $0.0130 during trading hours on Friday, hitting $248.9370. The company had a trading volume of 2,532,861 shares, compared to its average volume of 3,177,513. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The firm has a market capitalization of $145.93 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 1.45 and a beta of 0.33. The firm's fifty day moving average is $251.40 and its 200 day moving average is $266.54. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same period in the prior year, the company posted $2.48 EPS. The company's revenue was up 12.1% compared to the same quarter last year. On average, sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 30,660 shares of the business's 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 transaction, the chief executive officer directly owned 506,945 shares of the company's stock, valued at $122,741,523.40. The trade was a 5.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 108,556 shares of company stock worth $27,306,166 over the last ninety days. 0.33% 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.