Timucuan Asset Management Inc. FL Decreases Stock Position in The Progressive Corporation $PGR

Timucuan Asset Management Inc. FL trimmed its holdings in shares of The Progressive Corporation (NYSE:PGR) by 4.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 941,516 shares of the insurance provider’s stock after selling 48,064 shares during the period. Progressive accounts for approximately 7.3% of Timucuan Asset Management Inc. FL’s holdings, making the stock its 6th largest holding. Timucuan Asset Management Inc. FL owned approximately 0.16% of Progressive worth $251,253,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Brighton Jones LLC raised its holdings in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in Progressive in the 4th quarter valued at about $269,000. Bison Wealth LLC raised its stake in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the last quarter. Harbour Investments Inc. raised its stake in shares of Progressive by 123.2% in the first quarter. Harbour Investments Inc. now owns 741 shares of the insurance provider’s stock worth $210,000 after acquiring an additional 409 shares during the last quarter. Finally, Cheviot Value Management LLC bought a new stake in shares of Progressive during the first quarter valued at approximately $125,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer owned 223,024 shares of the company’s stock, valued at $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 17,673 shares of company stock valued at $4,163,005 over the last ninety days. 0.34% of the stock is owned by insiders.

Progressive Trading Down 0.5%

PGR opened at $227.70 on Tuesday. The firm’s fifty day moving average is $227.04 and its two-hundred day moving average is $245.89. The firm has a market cap of $133.52 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the prior year, the company earned $3.58 EPS. Equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Analyst Upgrades and Downgrades

PGR has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. Barclays dropped their target price on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research report on Monday, October 20th. Wolfe Research initiated coverage on Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. BMO Capital Markets boosted their price objective on Progressive from $247.00 to $260.00 and gave the stock a “market perform” rating in a report on Friday, November 21st. Finally, Jefferies Financial Group lowered shares of Progressive from a “buy” rating to a “hold” rating and reduced their target price for the company from $261.00 to $232.00 in a research note on Friday, November 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $266.52.

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.