Mackenzie Financial Corp Purchases 21,745 Shares of The Progressive Co. (NYSE:PGR)

Mackenzie Financial Corp lifted its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 837,917 shares of the insurance provider's stock after acquiring an additional 21,745 shares during the quarter. Mackenzie Financial Corp owned approximately 0.14% of Progressive worth $200,773,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Webster Bank N. A. purchased a new position in shares of Progressive during the fourth quarter valued at approximately $26,000. Hager Investment Management Services LLC bought a new position in shares of Progressive during the fourth quarter worth $28,000. Atlantic Edge Private Wealth Management LLC raised its stake in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 41 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new stake in Progressive during the fourth quarter valued at $28,000. Finally, Valley National Advisers Inc. raised its stake in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after acquiring an additional 120 shares during the period. Institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

Shares of Progressive stock traded down $0.39 during trading on Thursday, hitting $276.65. 1,014,446 shares of the stock were exchanged, compared to its average volume of 2,643,361. The stock has a market capitalization of $162.18 billion, a price-to-earnings ratio of 19.21, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average price of $275.46 and a 200-day moving average price of $263.26. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. As a group, equities analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $268.59, for a total value of $2,685,900.00. Following the completion of the sale, the chief financial officer now directly owns 248,024 shares in the company, valued at approximately $66,616,766.16. The trade was a 3.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 4,669 shares of the business's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the transaction, the insider now directly owns 15,191 shares in the company, valued at approximately $4,248,922.70. The trade was a 23.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 53,651 shares of company stock worth $14,817,180 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PGR shares. UBS Group raised their price target on shares of Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research note on Wednesday. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a report on Monday, April 28th. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Finally, Morgan Stanley set a $330.00 price objective on Progressive and gave the stock an "overweight" rating in a research report on Monday, May 19th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Progressive currently has an average rating of "Moderate Buy" and a consensus price target of $288.59.

Progressive 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.