The Progressive Corporation $PGR Shares Sold by TD Private Client Wealth LLC

TD Private Client Wealth LLC lowered its position in The Progressive Corporation (NYSE:PGR) by 32.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,670 shares of the insurance provider’s stock after selling 3,619 shares during the period. TD Private Client Wealth LLC’s holdings in Progressive were worth $1,894,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Davis Capital Management acquired a new stake in Progressive in the 3rd quarter valued at about $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive in the second quarter valued at about $33,000. Howard Hughes Medical Institute acquired a new stake in shares of Progressive in the second quarter valued at approximately $34,000. Westside Investment Management Inc. grew its position in shares of Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. Finally, Richardson Financial Services Inc. increased its stake in shares of Progressive by 1,885.7% during the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,344 shares of the stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This trade represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. This represents a 2.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 9,034 shares of company stock valued at $2,047,481. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. Jefferies Financial Group restated a “hold” rating on shares of Progressive in a research report on Wednesday, December 17th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 17th. William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Finally, Wells Fargo & Company reduced their target price on shares of Progressive from $242.00 to $240.00 and set an “equal weight” rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $260.21.

Progressive Price Performance

PGR stock opened at $205.46 on Thursday. The stock has a 50-day moving average price of $223.35 and a two-hundred day moving average price of $234.85. The company has a market cap of $120.48 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 1.25 and a beta of 0.34. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter in the prior year, the firm earned $3.58 earnings per share. As a group, research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.19%.

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.