The Progressive Corporation $PGR is Patten & Patten Inc. TN's 6th Largest Position

Key Points

• Patten & Patten Inc. TN has decreased its holdings in The Progressive Corporation by 1.6%, now owning 145,900 shares valued at approximately $38.94 million.
• Insider Patrick K. Callahan sold 6,420 shares of Progressive's stock on September 19, resulting in a 29.71% decrease in his ownership.
• Progressive recently announced a quarterly dividend of $0.10 per share, with a dividend yield of 0.2%, reflecting a low payout ratio of 2.25%.

Patten & Patten Inc. TN decreased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 1.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 145,900 shares of the insurance provider's stock after selling 2,379 shares during the quarter. Progressive makes up approximately 2.5% of Patten & Patten Inc. TN's holdings, making the stock its 6th largest holding. Patten & Patten Inc. TN's holdings in Progressive were worth $38,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC grew its holdings in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after buying an additional 63 shares during the period. HWG Holdings LP purchased a new stake in Progressive in the 1st quarter valued at about $28,000. Garde Capital Inc. purchased a new stake in Progressive in the 1st quarter valued at about $33,000. Ransom Advisory Ltd purchased a new stake in Progressive in the 1st quarter valued at about $35,000. Finally, Activest Wealth Management grew its holdings in shares of Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider's stock worth $37,000 after purchasing an additional 127 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares of the company's stock, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider directly owned 43,506 shares of the company's stock, valued at $10,532,802.60. The trade was a 4.85% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Down 5.8%

NYSE PGR opened at $226.36 on Thursday. The stock has a market cap of $132.70 billion, a PE ratio of 12.75, a P/E/G ratio of 1.33 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $217.20 and a fifty-two week high of $292.99. The business has a 50 day moving average price of $244.63 and a two-hundred day moving average price of $258.89. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts' consensus estimates of $5.04 by ($0.59). The company had revenue of $21.38 billion during the quarter, compared to analysts' expectations of $21.64 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.During the same quarter in the prior year, the company earned $3.58 EPS. As a group, 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 was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive's dividend payout ratio is 2.25%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PGR. Evercore ISI decreased their target price on Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a report on Wednesday, October 1st. Citigroup reiterated a "buy" rating on shares of Progressive in a report on Friday, August 29th. Morgan Stanley decreased their target price on Progressive from $267.00 to $265.00 and set an "equal weight" rating for the company in a report on Monday, September 22nd. Wells Fargo & Company boosted their target price on Progressive from $265.00 to $266.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 8th. Finally, Bank of America boosted their target price on Progressive from $343.00 to $350.00 and gave the stock a "buy" rating in a report on Monday, September 29th. Seven analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $279.63.

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.

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