The Progressive Corporation (NYSE:PGR), saw an insider drop his stake in the company through a transaction officially filed today, August 15th. Commercial Lines and GRP President John A. Barbagallo sold a total of 61,377 shares at an average price of $24.4648 per share. Following this transaction, Barbagallo now has a total of 125,199.77 shares directly, and 16,825,343 shares indirectly.
A $14.54 billion market cap goliath, The Progressive Corporation (NYSE:PGR) is an insurance holding company. The Company’s insurance subsidiaries and mutual insurance company affiliate provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services. As well, Its non-insurance subsidiaries and limited partnership investment affiliate generally support its insurance and investment operations.
The largest hedge fund involvement in the company comes from Diamond Hill Capital, the fund run by Ric Dillon, which after raising its activity by 7% last quarter, holds 6,299,108 shares worth nearly $160 million.
Disclosure: The author, Daniel Forstein, holds no positions in any stocks mentioned.