The Progressive Corporation $PGR Shares Purchased by National Bank of Canada FI

National Bank of Canada FI raised its position in The Progressive Corporation (NYSE:PGR) by 8.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 631,787 shares of the insurance provider’s stock after purchasing an additional 48,026 shares during the period. National Bank of Canada FI owned about 0.11% of Progressive worth $156,017,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Davis Capital Management purchased a new position in shares of Progressive during the third quarter valued at approximately $25,000. Howard Hughes Medical Institute acquired a new position in Progressive in the 2nd quarter valued at $34,000. Ameriflex Group Inc. lifted its stake in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. TruNorth Capital Management LLC boosted its holdings in shares of Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares during the last quarter. Finally, Richardson Financial Services Inc. grew its position in shares of Progressive by 41.0% in the third quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider’s stock valued at $48,000 after purchasing an additional 57 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of NYSE:PGR opened at $204.60 on Tuesday. The business has a 50-day moving average of $206.80 and a two-hundred day moving average of $222.02. The firm has a market capitalization of $119.88 billion, a PE ratio of 10.63, a P/E/G ratio of 8.94 and a beta of 0.33. 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 Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99.

Progressive Announces Dividend

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 dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive’s dividend payout ratio is 2.08%.

Insider Activity

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 12,761 shares of company stock worth $2,659,420. Insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on PGR shares. Evercore set a $230.00 target price on Progressive in a research note on Thursday, February 19th. Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. Bank of America dropped their price objective on shares of Progressive from $315.00 to $308.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research report on Thursday, February 19th. Seven investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $241.94.

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.