The Progressive Corporation $PGR Shares Sold by Timucuan Asset Management Inc. FL

Key Points

• Timucuan Asset Management Inc. FL reduced its stake in The Progressive Corporation by 7.2%, owning 989,580 shares, which now constitutes about 8.6% of its investment portfolio, making it the firm's third largest holding.
• Insider Patrick K. Callahan sold over 6,000 shares at an average price of $249.96, resulting in a significant decrease of 22.38% in their ownership of the stock.
• Progressive stock recently opened at $245.01, has a market cap of $143.63 billion, and reported a quarterly earnings per share of $4.88, exceeding analysts' expectations.

Timucuan Asset Management Inc. FL trimmed its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 7.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 989,580 shares of the insurance provider's stock after selling 77,319 shares during the period. Progressive accounts for approximately 8.6% of Timucuan Asset Management Inc. FL's holdings, making the stock its 3rd largest holding. Timucuan Asset Management Inc. FL owned approximately 0.17% of Progressive worth $280,061,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Next Century Growth Investors LLC raised its holdings in shares of Progressive by 76.2% in the 1st quarter. Next Century Growth Investors LLC now owns 19,434 shares of the insurance provider's stock worth $5,500,000 after purchasing an additional 8,402 shares during the period. OMERS ADMINISTRATION Corp raised its holdings in shares of Progressive by 5.2% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 38,058 shares of the insurance provider's stock worth $10,771,000 after purchasing an additional 1,880 shares during the period. Wealth Preservation Advisors LLC purchased a new stake in shares of Progressive during the 1st quarter valued at about $457,000. B. Metzler seel. Sohn & Co. AG raised its holdings in shares of Progressive by 14.5% during the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 45,730 shares of the insurance provider's stock valued at $12,942,000 after buying an additional 5,802 shares during the period. Finally, Transamerica Financial Advisors LLC increased its holdings in Progressive by 2,000.0% during the 1st quarter. Transamerica Financial Advisors LLC now owns 483 shares of the insurance provider's stock worth $137,000 after purchasing an additional 460 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research reports. Citigroup reiterated a "buy" rating on shares of Progressive in a research report on Friday. Evercore ISI lowered Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price objective for the company. in a research report on Thursday, July 17th. Barclays reduced their price objective on Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Finally, BMO Capital Markets reduced their price target on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a research report on Thursday, August 21st. Nine equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $284.18.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 16,664 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 30,660 shares of the business's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares in the company, valued at $122,741,523.40. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 108,351 shares of company stock valued at $27,003,746 in the last ninety days. Company insiders own 0.33% of the company's stock.

Progressive Trading Up 0.4%

Shares of Progressive stock traded up $0.92 on Monday, reaching $247.03. 2,408,188 shares of the company were exchanged, compared to its average volume of 2,806,058. The stock has a fifty day moving average price of $249.69 and a 200-day moving average price of $266.20. The firm has a market capitalization of $144.81 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 1.44 and a beta of 0.32. 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 Progressive Corporation has a fifty-two week low of $228.54 and a fifty-two 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. 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 previous year, the firm earned $2.48 earnings per share. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. The ex-dividend date 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%.

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.