Fiduciary Management Inc. WI Sells 31,842 Shares of The Progressive Corporation $PGR

Fiduciary Management Inc. WI cut its position in The Progressive Corporation (NYSE:PGR) by 7.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 408,081 shares of the insurance provider’s stock after selling 31,842 shares during the quarter. Fiduciary Management Inc. WI’s holdings in Progressive were worth $92,928,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Weik Capital Management grew its position in shares of Progressive by 2.9% in the fourth quarter. Weik Capital Management now owns 88,902 shares of the insurance provider’s stock valued at $20,245,000 after purchasing an additional 2,517 shares in the last quarter. MCF Advisors LLC boosted its holdings in shares of Progressive by 17.9% in the 4th quarter. MCF Advisors LLC now owns 2,435 shares of the insurance provider’s stock worth $554,000 after purchasing an additional 370 shares in the last quarter. Pinebridge Investments LLC purchased a new position in shares of Progressive in the 4th quarter worth about $1,769,000. PBU The Pension Fund of Early Childhood & Youth Educators purchased a new position in shares of Progressive in the 4th quarter worth about $6,769,000. Finally, WINTON GROUP Ltd purchased a new position in shares of Progressive in the 4th quarter worth about $222,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 4.6%

PGR stock opened at $204.27 on Friday. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $283.95. The business’s 50 day moving average price is $198.89 and its two-hundred day moving average price is $208.87. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The company has a market capitalization of $119.37 billion, a price-to-earnings ratio of 10.39, a price-to-earnings-growth ratio of 5.91 and a beta of 0.28.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.37 EPS. As a group, analysts forecast that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.03%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PGR. Argus raised Progressive to a “hold” rating in a research note on Thursday, March 5th. Jefferies Financial Group lowered their price target on Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Weiss Ratings lowered Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $225.00 price target on shares of Progressive in a research report on Monday, February 23rd. Finally, Wells Fargo & Company upped their price target on Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a research report on Thursday, May 21st. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $238.11.

Insider Buying and Selling at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer owned 558 shares in the company, valued at $115,227. This represents a 32.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.32% of the stock is owned by insiders.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.