TD Asset Management Inc Has $444.33 Million Holdings in The Progressive Corporation $PGR

TD Asset Management Inc lessened its holdings in The Progressive Corporation (NYSE:PGR) by 19.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,665,042 shares of the insurance provider’s stock after selling 414,778 shares during the period. TD Asset Management Inc’s holdings in Progressive were worth $444,333,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in PGR. Brighton Jones LLC grew its position in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new stake in Progressive in the 4th quarter worth about $269,000. Bison Wealth LLC grew its position in Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares in the last quarter. GAMMA Investing LLC grew its position in Progressive by 39.2% in the 1st quarter. GAMMA Investing LLC now owns 10,763 shares of the insurance provider’s stock worth $3,046,000 after purchasing an additional 3,029 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Progressive by 0.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 177,377 shares of the insurance provider’s stock worth $50,200,000 after purchasing an additional 1,524 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 130,045 shares of company stock worth $31,997,390 in the last ninety days. Insiders own 0.33% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $236.27 on Tuesday. The stock has a market capitalization of $138.50 billion, a P/E ratio of 13.31, a PEG ratio of 1.33 and a beta of 0.32. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The firm’s 50 day moving average is $245.09 and its 200 day moving average is $259.24. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to analysts’ expectations of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company posted $2.48 EPS. On average, sell-side analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive’s dividend payout ratio is presently 2.25%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PGR. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research report on Wednesday, August 13th. Wells Fargo & Company increased their target price on shares of Progressive from $265.00 to $266.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 8th. Citigroup reissued a “buy” rating on shares of Progressive in a research report on Friday, August 29th. Finally, Evercore ISI reduced their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Seven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $279.63.

Progressive Profile

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.