Mackenzie Financial Corp Boosts Holdings in The Progressive Co. (NYSE:PGR)

Mackenzie Financial Corp increased its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 2.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 837,917 shares of the insurance provider's stock after acquiring an additional 21,745 shares during the period. Mackenzie Financial Corp owned about 0.14% of Progressive worth $200,773,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Webster Bank N. A. bought a new stake in Progressive in the fourth quarter valued at approximately $26,000. Hager Investment Management Services LLC bought a new stake in Progressive in the fourth quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC raised its stake in Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after buying an additional 41 shares during the period. Minot DeBlois Advisors LLC bought a new stake in Progressive in the fourth quarter valued at approximately $28,000. Finally, Valley National Advisers Inc. raised its stake in 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 buying an additional 120 shares during the period. Institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the topic of a number of recent research reports. UBS Group increased their target price on Progressive from $275.00 to $285.00 and gave the stock a "neutral" rating in a research note on Friday, March 14th. Barclays increased their target price on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Friday, April 11th. Roth Mkm increased their target price on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Morgan Stanley set a $330.00 target price on Progressive and gave the stock an "overweight" rating in a research note on Monday, May 19th. Finally, Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $288.24.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction dated 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 sale, the chief financial officer now directly owns 269,566 shares in the company, valued at $75,462,306.04. The trade was a 3.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Carl G. Joyce sold 360 shares of the business'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 transaction, the chief accounting officer now owns 655 shares of the company's stock, valued at approximately $180,891.35. This trade represents a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,384 shares of company stock worth $11,711,495 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

NYSE:PGR traded up $1.43 during midday trading on Tuesday, hitting $278.73. The company had a trading volume of 3,468,170 shares, compared to its average volume of 2,648,477. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The stock's fifty day moving average price is $275.30 and its 200-day moving average price is $263.06. The company has a market capitalization of $163.40 billion, a PE ratio of 19.36, a P/E/G ratio of 1.70 and a beta of 0.40. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

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

Progressive Announces Dividend

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

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.