TD Asset Management Inc Has $311.86 Million Holdings in The Progressive Corporation $PGR

TD Asset Management Inc decreased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 24.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,262,854 shares of the insurance provider’s stock after selling 402,188 shares during the quarter. TD Asset Management Inc owned 0.22% of Progressive worth $311,862,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in Progressive during the 2nd quarter worth approximately $2,156,939,000. Alliancebernstein L.P. grew its stake in shares of Progressive by 32.8% during the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after buying an additional 2,709,417 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Progressive by 0.9% during the second quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock worth $14,548,217,000 after buying an additional 493,332 shares in the last quarter. Temasek Holdings Private Ltd bought a new position in shares of Progressive in the 2nd quarter valued at $117,057,000. Finally, First Trust Advisors LP boosted its holdings in shares of Progressive by 154.3% during the 2nd quarter. First Trust Advisors LP now owns 673,646 shares of the insurance provider’s stock valued at $179,769,000 after acquiring an additional 408,779 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on PGR shares. JPMorgan Chase & Co. dropped their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods upped their price objective on Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a research note on Thursday, February 19th. HSBC downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Jefferies Financial Group set a $216.00 price target on shares of Progressive in a research report on Wednesday, February 11th. Finally, Zacks Research downgraded shares of Progressive from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. Six equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $244.71.

Progressive Stock Up 1.1%

Progressive stock opened at $205.85 on Wednesday. The firm has a 50 day moving average price of $211.50 and a two-hundred day moving average price of $225.87. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $292.99. The firm has a market cap of $120.71 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 8.88 and a beta of 0.32.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were paid 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 payout ratio is 2.08%.

Insiders Place Their Bets

In related news, 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 transaction of $336,973.15. Following the transaction, the insider directly owned 39,626 shares of the company’s stock, valued at approximately $8,097,573.10. This represents a 4.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the sale, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at $50,956,523.52. This trade represents a 2.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,364 shares of company stock valued at $2,876,122 over the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

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.