TD Asset Management Inc Trims Stock Holdings in The Progressive Co. (NYSE:PGR)

TD Asset Management Inc reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,681,323 shares of the insurance provider’s stock after selling 17,203 shares during the quarter. TD Asset Management Inc owned about 0.29% of Progressive worth $349,228,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. FineMark National Bank & Trust raised its stake in shares of Progressive by 2.6% during the 2nd quarter. FineMark National Bank & Trust now owns 67,630 shares of the insurance provider’s stock valued at $14,047,000 after purchasing an additional 1,720 shares during the period. Belpointe Asset Management LLC grew its holdings in Progressive by 8.6% during the 2nd quarter. Belpointe Asset Management LLC now owns 3,766 shares of the insurance provider’s stock valued at $782,000 after buying an additional 298 shares in the last quarter. Strategy Asset Managers LLC bought a new stake in shares of Progressive during the second quarter valued at about $1,143,000. Simon Quick Advisors LLC lifted its holdings in shares of Progressive by 20.2% in the second quarter. Simon Quick Advisors LLC now owns 3,158 shares of the insurance provider’s stock worth $656,000 after buying an additional 530 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in shares of Progressive by 0.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 50,309 shares of the insurance provider’s stock worth $10,450,000 after buying an additional 250 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Down 0.9 %

PGR stock opened at $251.69 on Thursday. The company has a market capitalization of $147.41 billion, a PE ratio of 25.99, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a one year low of $133.51 and a one year high of $254.83. The company’s 50 day moving average price is $223.88 and its two-hundred day moving average price is $211.99.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the company earned $0.57 EPS. The firm’s revenue was up 21.6% compared to the same quarter last year. As a group, analysts predict that The Progressive Co. will post 12.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Jefferies Financial Group upped their target price on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Morgan Stanley lowered their price objective on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, June 10th. Barclays started coverage on Progressive in a research note on Wednesday. They set an “equal weight” rating and a $367.00 price objective for the company. Finally, Roth Mkm upped their target price on Progressive from $235.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and a consensus price target of $252.24.

Insider Activity at Progressive

In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,371 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The disclosure for this sale can be found here. Insiders sold 103,984 shares of company stock worth $22,564,766 in the last ninety days. 0.34% of the stock is owned by company insiders.

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.