Mcdonald Capital Investors Inc. CA Sells 16,339 Shares of The Progressive Corporation $PGR

Mcdonald Capital Investors Inc. CA trimmed its position in The Progressive Corporation (NYSE:PGR) by 1.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 912,857 shares of the insurance provider’s stock after selling 16,339 shares during the period. Progressive accounts for about 14.0% of Mcdonald Capital Investors Inc. CA’s investment portfolio, making the stock its biggest holding. Mcdonald Capital Investors Inc. CA owned about 0.16% of Progressive worth $225,430,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Progressive by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 54,667,528 shares of the insurance provider’s stock worth $13,500,146,000 after acquiring an additional 151,240 shares in the last quarter. Geode Capital Management LLC lifted its stake in Progressive by 2.0% during the second quarter. Geode Capital Management LLC now owns 15,513,188 shares of the insurance provider’s stock worth $4,128,055,000 after purchasing an additional 301,371 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Progressive by 32.8% in the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after purchasing an additional 2,709,417 shares during the period. Norges Bank bought a new stake in Progressive during the second quarter valued at $2,156,939,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Progressive by 1.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 4,129,069 shares of the insurance provider’s stock valued at $1,101,883,000 after purchasing an additional 42,909 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive owned 26,249 shares in the company, valued at $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew J. Quigg sold 1,649 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the sale, the insider owned 39,626 shares of the company’s stock, valued at $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 11,098 shares of company stock worth $2,416,011. 0.33% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Citigroup decreased their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. BMO Capital Markets decreased their target price on Progressive from $239.00 to $232.00 and set a “market perform” rating for the company in a research note on Thursday, January 29th. HSBC cut Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. The Goldman Sachs Group set a $227.00 price objective on Progressive in a research report on Wednesday, January 7th. Finally, Jefferies Financial Group set a $216.00 target price on Progressive in a research report on Wednesday, February 11th. Seven investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $245.29.

Progressive Stock Up 1.1%

Shares of Progressive stock opened at $204.07 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The business’s fifty day moving average price is $212.67 and its two-hundred day moving average price is $226.45. The company has a market capitalization of $119.67 billion, a P/E ratio of 10.61, a PEG ratio of 8.92 and a beta of 0.33.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.08%.

Progressive 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.