Fiduciary Management Inc. WI Sells 727,423 Shares of Progressive Corporation (The) (PGR)

Fiduciary Management Inc. WI trimmed its holdings in Progressive Corporation (The) (NYSE:PGR) by 6.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,105,064 shares of the insurance provider’s stock after selling 727,423 shares during the period. Progressive Corporation (The) makes up 2.9% of Fiduciary Management Inc. WI’s investment portfolio, making the stock its 14th biggest holding. Fiduciary Management Inc. WI owned approximately 1.91% of Progressive Corporation (The) worth $489,622,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. National Planning Corp grew its stake in Progressive Corporation (The) by 28.0% in the 2nd quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock valued at $404,000 after buying an additional 1,995 shares in the last quarter. Blair William & Co. IL grew its stake in Progressive Corporation (The) by 327.8% in the 1st quarter. Blair William & Co. IL now owns 709,836 shares of the insurance provider’s stock valued at $27,811,000 after buying an additional 543,916 shares in the last quarter. Vanguard Group Inc. grew its stake in Progressive Corporation (The) by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock valued at $1,471,278,000 after buying an additional 1,357,926 shares in the last quarter. Great Lakes Advisors LLC grew its stake in Progressive Corporation (The) by 2.0% in the 2nd quarter. Great Lakes Advisors LLC now owns 15,225 shares of the insurance provider’s stock valued at $671,000 after buying an additional 295 shares in the last quarter. Finally, Swiss National Bank grew its stake in Progressive Corporation (The) by 3.2% in the 2nd quarter. Swiss National Bank now owns 2,122,034 shares of the insurance provider’s stock valued at $93,560,000 after buying an additional 65,900 shares in the last quarter. Institutional investors and hedge funds own 79.41% of the company’s stock.

Shares of Progressive Corporation (NYSE:PGR) traded down 0.11% on Friday, reaching $46.02. 3,690,372 shares of the company’s stock traded hands. The stock has a market cap of $26.74 billion, a price-to-earnings ratio of 19.58 and a beta of 0.88. The firm’s 50-day moving average is $47.14 and its 200-day moving average is $43.13. Progressive Corporation has a 52-week low of $30.63 and a 52-week high of $49.01.

Progressive Corporation (The) (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.01). The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.78 billion. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same period last year, the company earned $0.33 earnings per share. Analysts anticipate that Progressive Corporation will post $2.47 EPS for the current fiscal year.

In other news, insider Susan Patricia Griffith sold 35,000 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $48.66, for a total value of $1,703,100.00. Following the completion of the sale, the insider now directly owns 221,715 shares of the company’s stock, valued at $10,788,651.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 1,250 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total transaction of $60,912.50. Following the completion of the sale, the insider now directly owns 12,181 shares of the company’s stock, valued at $593,580.13. The disclosure for this sale can be found here. Over the last three months, insiders sold 106,250 shares of company stock valued at $5,086,913. Corporate insiders own 0.56% of the company’s stock.

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PGR has been the subject of a number of recent research reports. UBS AG upgraded shares of Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, July 13th. BidaskClub upgraded shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 11th. Raymond James Financial, Inc. upgraded shares of Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $45.00 to $52.00 in a research note on Thursday, July 13th. FBR & Co lifted their price objective on shares of Progressive Corporation (The) from $36.00 to $40.00 and gave the company a “mkt perform” rating in a research note on Tuesday, July 11th. Finally, Zacks Investment Research lowered shares of Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Progressive Corporation (The) has an average rating of “Buy” and an average target price of $44.87.

Progressive Corporation (The) Company Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

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