M&T Bank Corp Decreases Stake in The Progressive Co. (NYSE:PGR)

M&T Bank Corp lessened its holdings in shares of The Progressive Co. (NYSE:PGR) by 3.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 65,323 shares of the insurance provider’s stock after selling 2,273 shares during the period. M&T Bank Corp’s holdings in Progressive were worth $16,576,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Hohimer Wealth Management LLC grew its position in shares of Progressive by 2.6% in the third quarter. Hohimer Wealth Management LLC now owns 3,753 shares of the insurance provider’s stock valued at $952,000 after purchasing an additional 95 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in Progressive by 1.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 10,451 shares of the insurance provider’s stock valued at $2,652,000 after buying an additional 106 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in shares of Progressive by 45.1% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 333,433 shares of the insurance provider’s stock worth $84,611,000 after acquiring an additional 103,625 shares during the last quarter. Sunbelt Securities Inc. boosted its position in shares of Progressive by 50.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 394 shares of the insurance provider’s stock valued at $100,000 after acquiring an additional 132 shares during the last quarter. Finally, Toronto Dominion Bank grew its holdings in shares of Progressive by 137.8% in the third quarter. Toronto Dominion Bank now owns 487,628 shares of the insurance provider’s stock valued at $123,740,000 after purchasing an additional 282,577 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of a number of analyst reports. Barclays lifted their target price on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a research report on Tuesday, December 10th. Evercore ISI upped their price target on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group raised their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $273.81.

Progressive Stock Up 0.1 %

Progressive stock opened at $239.97 on Friday. The firm has a market capitalization of $140.58 billion, a P/E ratio of 17.44, a P/E/G ratio of 0.70 and a beta of 0.38. The stock’s fifty day simple moving average is $253.24 and its 200-day simple moving average is $238.01. The Progressive Co. has a twelve month low of $154.38 and a twelve month high of $270.62. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. As a group, equities analysts expect that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. Progressive’s payout ratio is 2.91%.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,143 shares of company stock valued at $4,754,869. Insiders own 0.34% of the company’s stock.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.