The Progressive Corporation $PGR Shares Sold by TD Waterhouse Canada Inc.

TD Waterhouse Canada Inc. decreased its stake in shares of The Progressive Corporation (NYSE:PGR) by 50.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,332 shares of the insurance provider’s stock after selling 12,696 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Progressive were worth $2,778,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Bogart Wealth LLC lifted its stake in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 87 shares during the last quarter. IMG Wealth Management Inc. acquired a new stake in shares of Progressive in the 2nd quarter valued at $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Progressive during the 2nd quarter worth $26,000. Bard Associates Inc. acquired a new position in shares of Progressive during the fourth quarter worth $27,000. Finally, Kilter Group LLC acquired a new position in shares of Progressive during the second quarter worth $27,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PGR. JPMorgan Chase & Co. cut their price target on Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 4th. Mizuho set a $236.00 price objective on Progressive in a report on Wednesday, August 5th. Weiss Ratings raised Progressive from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, August 28th. UBS Group upped their price target on Progressive from $225.00 to $234.00 and gave the company a “neutral” rating in a report on Thursday, August 27th. Finally, Bank of America cut their price objective on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Seven investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $236.26.

Insider Activity at Progressive

In other news, CEO Susan Griffith sold 37,338 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the transaction, the chief executive officer directly owned 485,438 shares of the company’s stock, valued at $106,553,641. This represents a 7.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lori Niederst sold 7,339 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $209.29, for a total transaction of $1,535,979.31. Following the completion of the sale, the insider owned 42,567 shares of the company’s stock, valued at $8,908,847.43. This trade represents a 14.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 113,714 shares of company stock worth $24,466,294. 0.32% of the stock is currently owned by insiders.

Progressive Trading Down 0.2%

Shares of Progressive stock opened at $218.41 on Tuesday. The company’s fifty day moving average is $217.55 and its two-hundred day moving average is $207.89. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $249.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market capitalization of $126.98 billion, a P/E ratio of 10.95, a PEG ratio of 2.92 and a beta of 0.27.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business’s revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the company posted $5.40 earnings per share. Analysts forecast that The Progressive Corporation will post 17.74 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be given a $0.10 dividend. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.01%.

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.