Mackenzie Financial Corp Has $200.77 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Mackenzie Financial Corp grew its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 2.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 837,917 shares of the insurance provider's stock after purchasing an additional 21,745 shares during the quarter. Mackenzie Financial Corp owned about 0.14% of Progressive worth $200,773,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PGR. Webster Bank N. A. bought a new stake in Progressive during the fourth quarter worth $26,000. Hager Investment Management Services LLC acquired a new position in shares of Progressive during the 4th quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after purchasing an additional 41 shares during the last quarter. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive in the 4th quarter valued at about $28,000. Finally, Valley National Advisers Inc. lifted its stake in Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 120 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Morgan Stanley set a $330.00 price target on Progressive and gave the stock an "overweight" rating in a research report on Monday, May 19th. JPMorgan Chase & Co. boosted their target price on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $288.00 price target on shares of Progressive in a report on Thursday, April 17th. Jefferies Financial Group reduced their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Finally, Wells Fargo & Company upped their price objective on shares of Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares of the company's stock, valued at $180,891.35. This trade represents a 35.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $279.94, for a total value of $2,799,400.00. Following the completion of the transaction, the chief financial officer now directly owns 269,566 shares in the company, valued at approximately $75,462,306.04. This trade represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,651 shares of company stock worth $12,063,480 over the last three months. 0.33% of the stock is owned by company insiders.

Progressive Trading Down 0.7%

PGR traded down $1.97 during midday trading on Wednesday, hitting $276.78. 3,182,552 shares of the company were exchanged, compared to its average volume of 2,650,606. The firm has a market capitalization of $162.25 billion, a P/E ratio of 19.22, a P/E/G ratio of 1.70 and a beta of 0.40. The firm's 50 day moving average price is $275.39 and its 200-day moving average price is $263.17. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. 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 announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. The business had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, equities analysts forecast that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

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

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.