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

TD Waterhouse Canada Inc. reduced its holdings in shares of The Progressive Corporation (NYSE:PGR) by 50.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bank of Nova Scotia purchased a new stake in Progressive during the 2nd quarter worth about $76,260,000. Allstate Corp lifted its holdings in Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after purchasing an additional 22,915 shares in the last quarter. Norges Bank acquired a new stake in shares of Progressive during the 4th quarter worth about $1,836,094,000. Investment House LLC purchased a new stake in shares of Progressive during the fourth quarter worth about $8,447,000. Finally, Callan Family Office LLC purchased a new stake in shares of Progressive during the second quarter worth about $3,025,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, Director Jeffrey Kelly sold 7,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the sale, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Griffith sold 37,338 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 485,438 shares in the company, valued at $106,553,641. The trade was a 7.14% 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. Over the last ninety days, insiders sold 113,714 shares of company stock worth $24,466,294. 0.32% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on PGR. Mizuho set a $236.00 price objective on shares of Progressive in a research note on Wednesday, August 5th. Wells Fargo & Company boosted their price target on Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a report on Thursday, August 20th. Evercore set a $240.00 price target on Progressive in a research note on Friday, July 10th. The Goldman Sachs Group restated a “buy” rating and set a $230.00 price objective on shares of Progressive in a report on Wednesday, August 19th. Finally, Roth Capital reiterated a “buy” rating and issued a $245.00 target price on shares of Progressive in a research note on Thursday, August 20th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $236.26.

Progressive Stock Down 0.2%

Shares of NYSE PGR opened at $218.41 on Tuesday. The stock has a market capitalization of $126.98 billion, a PE ratio of 10.95, a P/E/G ratio of 2.92 and a beta of 0.27. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm has a fifty day moving average of $217.55 and a 200-day moving average of $207.89. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $249.71.

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

Progressive Announces Dividend

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

About Progressive

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.