Canada Post Corp Registered Pension Plan Purchases 32,087 Shares of The Progressive Corporation $PGR

Key Points

• Canada Post’s pension plan increased its Progressive stake by 216.3% in the second quarter, adding 32,087 shares to hold 46,922 shares valued at approximately $10.25 million. Institutional investors collectively own 85.34% of Progressive.
• Progressive insiders sold 74,885 shares worth about $15.88 million over the past 90 days, including transactions by CIO Jonathan S. Bauer and insider Karen Bailo conducted under pre-arranged Rule 10b5-1 plans.
• Analysts maintain a generally cautious outlook, with Progressive receiving an average “Hold” rating and a $235 price target. Shares opened at $208.84, while the company announced a quarterly dividend of $0.10 per share.

Canada Post Corp Registered Pension Plan raised its position in The Progressive Corporation (NYSE:PGR - Free Report) by 216.3% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 46,922 shares of the insurance provider's stock after acquiring an additional 32,087 shares during the period. Canada Post Corp Registered Pension Plan's holdings in Progressive were worth $10,250,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bard Associates Inc. acquired a new position in shares of Progressive during the fourth quarter worth approximately $27,000. Bogart Wealth LLC grew its position in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after purchasing an additional 87 shares during the period. IFC & Insurance Marketing Inc. acquired a new stake in Progressive in the 4th quarter valued at $29,000. HHM Wealth Advisors LLC increased its stake in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 126 shares in the last quarter. Finally, Acumen Wealth Advisors LLC bought a new stake in Progressive during the 4th quarter valued at $33,000. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 2,242 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $476,895.82. Following the completion of the sale, the executive owned 26,250 shares in the company, valued at $5,583,637.50. This represents a 7.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the firm's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the transaction, the insider directly owned 32,348 shares in the company, valued at $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 74,885 shares of company stock valued at $15,880,459 over the last 90 days. 0.32% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on PGR shares. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research note on Friday, May 22nd. William Blair reissued a "market perform" rating on shares of Progressive in a research report on Wednesday, July 15th. HSBC upped their target price on shares of Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a report on Monday, July 6th. Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. Finally, BMO Capital Markets cut their price target on Progressive from $220.00 to $205.00 and set a "market perform" rating for the company in a research note on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $235.00.

Progressive Trading Up 0.7%

NYSE PGR opened at $208.84 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The business has a fifty day simple moving average of $214.25 and a 200 day simple moving average of $206.45. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The firm has a market capitalization of $121.42 billion, a P/E ratio of 10.47, a PEG ratio of 2.79 and a beta of 0.27.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is presently 2.01%.

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.

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