M&T Bank Corp trimmed its holdings in The Progressive Co. (NYSE:PGR – Free Report) by 3.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 65,323 shares of the insurance provider’s stock after selling 2,273 shares during the quarter. M&T Bank Corp’s holdings in Progressive were worth $16,576,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Hohimer Wealth Management LLC increased its stake in Progressive by 2.6% in the third quarter. Hohimer Wealth Management LLC now owns 3,753 shares of the insurance provider’s stock worth $952,000 after purchasing an additional 95 shares during the period. TD Private Client Wealth LLC increased its stake in Progressive by 1.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 10,451 shares of the insurance provider’s stock worth $2,652,000 after buying an additional 106 shares during the period. Teachers Retirement System of The State of Kentucky lifted its holdings in Progressive by 45.1% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 333,433 shares of the insurance provider’s stock valued at $84,611,000 after buying an additional 103,625 shares in the last quarter. Sunbelt Securities Inc. boosted its position in Progressive by 50.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 394 shares of the insurance provider’s stock valued at $100,000 after buying an additional 132 shares during the period. Finally, Toronto Dominion Bank grew its stake in Progressive by 137.8% in the 3rd quarter. Toronto Dominion Bank now owns 487,628 shares of the insurance provider’s stock worth $123,740,000 after acquiring an additional 282,577 shares in the last quarter. 85.34% of the stock is owned by institutional investors.
Insider Activity
In other news, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,143 shares of company stock worth $4,754,869 in the last ninety days. Company insiders own 0.34% of the company’s stock.
Analysts Set New Price Targets
Read Our Latest Stock Analysis on PGR
Progressive Stock Up 0.1 %
Shares of PGR opened at $239.97 on Friday. The stock’s 50-day moving average price is $253.24 and its 200-day moving average price is $238.01. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $140.58 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 0.70 and a beta of 0.38. The Progressive Co. has a 52 week low of $154.38 and a 52 week high of $270.62.
Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. On average, sell-side analysts predict that The Progressive Co. will post 13.2 EPS for the current year.
Progressive Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. The ex-dividend date of this dividend is Thursday, January 9th. Progressive’s payout ratio is currently 2.91%.
About Progressive
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.
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