Fulton Breakefield Broenniman LLC Cuts Stock Holdings in The Progressive Corporation $PGR

Fulton Breakefield Broenniman LLC lowered its holdings in The Progressive Corporation (NYSE:PGR) by 1.0% during the 2nd quarter, Holdings Channel reports. The firm owned 113,999 shares of the insurance provider’s stock after selling 1,148 shares during the period. Progressive makes up about 2.1% of Fulton Breakefield Broenniman LLC’s investment portfolio, making the stock its 16th largest holding. Fulton Breakefield Broenniman LLC’s holdings in Progressive were worth $30,422,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Integrated Advisors Network LLC lifted its holdings in Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after buying an additional 36 shares in the last quarter. Rise Advisors LLC grew its position in shares of Progressive by 7.4% in the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after buying an additional 36 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC grew its position in shares of Progressive by 2.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock worth $545,000 after buying an additional 39 shares during the last quarter. True North Advisors LLC grew its position in shares of Progressive by 4.0% in the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock worth $299,000 after buying an additional 41 shares during the last quarter. Finally, GenTrust LLC grew its position in shares of Progressive by 3.5% in the 1st quarter. GenTrust LLC now owns 1,234 shares of the insurance provider’s stock worth $349,000 after buying an additional 42 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

PGR opened at $243.07 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm has a fifty day moving average price of $245.21 and a 200 day moving average price of $260.20. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The stock has a market cap of $142.49 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The firm had revenue of $20.08 billion during the quarter, compared to analysts’ expectations of $20.39 billion. During the same period in the previous year, the business posted $2.48 EPS. The business’s revenue was up 12.1% compared to the same quarter last year. Equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research report on Thursday, September 18th. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research report on Wednesday, August 13th. Evercore ISI dropped their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Wells Fargo & Company boosted their target price on shares of Progressive from $265.00 to $266.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Jefferies Financial Group dropped their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $278.63.

Insider Transactions at Progressive

In related news, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction on 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 16,664 shares of the company’s stock in a transaction on Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the transaction, the chief financial officer owned 228,024 shares of the company’s stock, valued at $56,832,701.76. This represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,045 shares of company stock worth $31,997,390. 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.