The Progressive Corporation $PGR Shares Sold by Fulton Breakefield Broenniman LLC

Key Points

• Fulton Breakefield Broenniman LLC reduced its stake in The Progressive Corporation by 1.0%, now holding 113,999 shares valued at approximately $30.42 million.
• Insiders, including Patrick K. Callahan and Lori A. Niederst, have recently sold a significant number of shares, indicating a decrease in their ownership of the stock.
• The company announced a quarterly dividend of $0.10 per share, with the ex-dividend date set for October 2nd, representing an annualized yield of 0.2%.

Fulton Breakefield Broenniman LLC trimmed its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 1.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,999 shares of the insurance provider's stock after selling 1,148 shares during the period. Progressive makes up 2.1% of Fulton Breakefield Broenniman LLC's portfolio, making the stock its 16th biggest position. Fulton Breakefield Broenniman LLC's holdings in Progressive were worth $30,422,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Highline Wealth Partners LLC lifted its position in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after buying an additional 49 shares during the last quarter. TruNorth Capital Management LLC increased its holdings in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after acquiring an additional 63 shares during the period. HWG Holdings LP acquired a new position in Progressive during the 1st quarter valued at about $28,000. Garde Capital Inc. acquired a new position in Progressive during the 1st quarter valued at about $33,000. Finally, Ransom Advisory Ltd acquired a new position in shares of Progressive in the 1st quarter worth approximately $35,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research note on Sunday, September 21st. UBS Group lowered their price objective on shares of Progressive from $268.00 to $261.00 and set a "neutral" rating on the stock in a research report on Wednesday. Citigroup reiterated a "buy" rating on shares of Progressive in a research note on Friday, August 29th. Wells Fargo & Company lifted their price target on shares of Progressive from $265.00 to $266.00 and gave the company an "equal weight" rating in a research report on Wednesday. Finally, Morgan Stanley dropped their price target on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating on the stock in a research report on Monday, September 22nd. Seven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $278.63.

Progressive Trading Down 0.3%

NYSE PGR opened at $243.07 on Thursday. The company has a market cap of $142.49 billion, a PE ratio of 13.69, a PEG ratio of 1.36 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 12 month low of $228.54 and a 12 month high of $292.99. The stock has a 50 day moving average of $245.21 and a 200-day moving average of $260.20.

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

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Insider Buying and Selling

In other news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the sale, the insider directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 130,045 shares of company stock valued at $31,997,390 in the last ninety days. Insiders own 0.34% of the company's stock.

About Progressive

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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