Bank of Nova Scotia Reduces Position in The Progressive Corporation (NYSE:PGR)

Key Points

• Bank of Nova Scotia has reduced its position in The Progressive Corporation by 38.7%, selling 202,749 shares during the first quarter, leaving it with 321,450 shares valued at approximately $90.96 million.
• Insider sales are notable, with CEO Susan Patricia Griffith selling 30,660 shares at around $242.12 each, marking a 5.70% decrease in her holdings.
• The company recently announced a dividend of $0.10 per share, which offers a dividend yield of 15.0%, reflecting a low payout ratio of 2.25%.

Bank of Nova Scotia cut its position in The Progressive Corporation (NYSE:PGR - Free Report) by 38.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 321,450 shares of the insurance provider's stock after selling 202,749 shares during the period. Bank of Nova Scotia owned 0.05% of Progressive worth $90,957,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. State of Alaska Department of Revenue increased its position in shares of Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after purchasing an additional 1,800 shares during the last quarter. QRG Capital Management Inc. increased its position in shares of Progressive by 36.4% in the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock valued at $35,893,000 after purchasing an additional 33,864 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its position in shares of Progressive by 498.5% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock valued at $1,431,000 after purchasing an additional 4,212 shares during the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of Progressive in the 1st quarter valued at approximately $3,141,000. Finally, TCW Group Inc. grew its position in shares of Progressive by 4.5% in the 1st quarter. TCW Group Inc. now owns 12,034 shares of the insurance provider's stock valued at $3,406,000 after buying an additional 523 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Patrick K. Callahan sold 6,232 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $242.16, for a total value of $1,509,141.12. Following the completion of the sale, the insider owned 27,844 shares in the company, valued at approximately $6,742,703.04. This trade represents a 18.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.12, for a total transaction of $7,423,399.20. Following the completion of the sale, the chief executive officer owned 506,945 shares of the company's stock, valued at $122,741,523.40. This trade represents a 5.70% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 104,250 shares of company stock worth $26,332,348. 0.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Wells Fargo & Company increased their target price on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Morgan Stanley dropped their target price on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. BMO Capital Markets dropped their target price on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. increased their target price on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research report on Tuesday, April 8th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $286.88.

Progressive Trading Down 0.4%

Shares of Progressive stock opened at $240.98 on Friday. The Progressive Corporation has a 1 year low of $208.13 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.29 and a current ratio of 0.34. The company has a market capitalization of $141.27 billion, a P/E ratio of 13.58, a PEG ratio of 1.45 and a beta of 0.33. The company's fifty day moving average is $260.21 and its two-hundred day moving average is $266.02.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same period last year, the firm posted $2.48 EPS. Progressive's revenue for the quarter was up 12.1% on a year-over-year basis. Analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently announced a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were paid a $0.10 dividend. This represents a dividend yield of 15.0%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is 2.25%.

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.

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