The Progressive Corporation $PGR Stock Holdings Increased by TD Asset Management Inc

TD Asset Management Inc raised its holdings in shares of The Progressive Corporation (NYSE:PGR) by 19.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,503,026 shares of the insurance provider’s stock after acquiring an additional 240,172 shares during the period. TD Asset Management Inc’s holdings in Progressive were worth $342,269,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Dagco Inc. bought a new stake in Progressive during the 4th quarter valued at $28,000. Ameriflex Group Inc. increased its position in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the period. Entrust Financial LLC acquired a new position in shares of Progressive during the 4th quarter valued at $33,000. Kingdom Financial Group LLC. acquired a new position in shares of Progressive during the 4th quarter valued at $34,000. Finally, Bangor Savings Bank increased its position in shares of Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the topic of several research analyst reports. Piper Sandler reiterated an “overweight” rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Royal Bank Of Canada set a $208.00 price target on Progressive in a research report on Friday, May 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Progressive in a research report on Friday, May 22nd. Morgan Stanley lowered their price target on Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a research report on Tuesday, March 31st. Finally, Evercore reiterated a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $238.11.

Insider Activity

In related news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. The trade was a 32.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.32% of the stock is owned by insiders.

Progressive Stock Performance

Shares of NYSE PGR opened at $193.54 on Thursday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $113.09 billion, a price-to-earnings ratio of 9.84, a PEG ratio of 5.71 and a beta of 0.28. The stock’s fifty day simple moving average is $199.07 and its 200 day simple moving average is $209.11. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $288.35.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $4.37 EPS. As a group, sell-side analysts forecast that The Progressive Corporation will post 16.33 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.

Progressive Company Profile

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.