Fulton Breakefield Broenniman LLC Sells 46,132 Shares of The Progressive Co. (NYSE:PGR)

Fulton Breakefield Broenniman LLC cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 20.9% during the 4th quarter, Holdings Channel reports. The firm owned 174,480 shares of the insurance provider’s stock after selling 46,132 shares during the period. Progressive makes up 2.2% of Fulton Breakefield Broenniman LLC’s holdings, making the stock its 12th largest holding. Fulton Breakefield Broenniman LLC’s holdings in Progressive were worth $27,791,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. Compass Ion Advisors LLC increased its stake in Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after acquiring an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Progressive by 10.2% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after purchasing an additional 62 shares in the last quarter. Quent Capital LLC increased its position in shares of Progressive by 19.3% in the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock worth $68,000 after purchasing an additional 69 shares during the period. BSW Wealth Partners raised its stake in Progressive by 4.2% in the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock valued at $275,000 after purchasing an additional 69 shares in the last quarter. Finally, Invesco LLC lifted its position in Progressive by 2.0% during the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after purchasing an additional 70 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Down 1.0 %

Shares of NYSE PGR opened at $208.03 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $216.21. The firm has a market cap of $121.84 billion, a PE ratio of 21.29, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The company has a 50 day simple moving average of $202.45 and a 200 day simple moving average of $177.76.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the previous year, the firm earned $0.65 earnings per share. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. On average, research analysts forecast that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Patrick K. Callahan sold 29,675 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the completion of the sale, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock valued at $7,458,139 in the last ninety days. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

PGR has been the subject of several analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. BMO Capital Markets raised their target price on Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. Roth Mkm boosted their price target on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $211.88.

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.