The Progressive Corporation $PGR Stock Position Reduced by Fulton Breakefield Broenniman LLC

Fulton Breakefield Broenniman LLC lessened its position in shares of The Progressive Corporation (NYSE:PGR) by 2.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 109,863 shares of the insurance provider’s stock after selling 2,740 shares during the period. Progressive comprises 1.6% of Fulton Breakefield Broenniman LLC’s portfolio, making the stock its 18th largest position. Fulton Breakefield Broenniman LLC’s holdings in Progressive were worth $25,018,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Illinois Municipal Retirement Fund lifted its holdings in Progressive by 30.2% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after buying an additional 23,833 shares during the last quarter. Allstate Corp lifted its holdings in Progressive by 1,614.1% during the 3rd quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock worth $5,334,000 after buying an additional 20,338 shares during the last quarter. Gateway Investment Advisers LLC lifted its holdings in Progressive by 91.7% during the 3rd quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock worth $2,892,000 after buying an additional 5,600 shares during the last quarter. Mather Group LLC. lifted its holdings in Progressive by 40.6% during the 3rd quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock worth $4,159,000 after buying an additional 4,865 shares during the last quarter. Finally, Arkadios Wealth Advisors lifted its holdings in Progressive by 471.3% during the 3rd quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock worth $5,556,000 after buying an additional 18,558 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the firm’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 directly owned 558 shares in the company, valued at $115,227. This trade represents a 32.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the sale, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. This represents a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 11,687 shares of company stock worth $2,413,044 over the last quarter. Insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PGR. Morgan Stanley cut their price target on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. Mizuho cut their price target on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Jefferies Financial Group cut their price target on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Roth Mkm set a $235.00 price target on Progressive in a report on Thursday, February 19th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $225.00 price target on shares of Progressive in a report on Monday, February 23rd. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $238.39.

Progressive Stock Up 0.5%

PGR opened at $196.23 on Tuesday. The Progressive Corporation has a 12 month low of $192.02 and a 12 month high of $289.96. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The stock has a market cap of $114.78 billion, a P/E ratio of 10.20, a P/E/G ratio of 5.65 and a beta of 0.34. The stock’s 50 day moving average price is $204.71 and its 200 day moving average price is $217.23.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.08%.

Progressive Company 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.