The Progressive Corporation (NYSE:PGR) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in The Progressive Corporation by 12.6%, holding 732,586 shares valued at approximately $207.3 million after selling over 105,000 shares.
• Progressive reported a quarterly EPS of $4.88, exceeding the consensus estimate of $4.43, with a revenue of $20.08 billion for the quarter.
• Several equity research analysts have lowered their price targets on Progressive stock, with an average target now at $286.88 and a rating of "Moderate Buy".

Mackenzie Financial Corp reduced its position in The Progressive Corporation (NYSE:PGR - Free Report) by 12.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 732,586 shares of the insurance provider's stock after selling 105,331 shares during the quarter. Mackenzie Financial Corp owned about 0.12% of Progressive worth $207,329,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PGR. Brighton Jones LLC raised its stake in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive during the fourth quarter worth approximately $269,000. Highview Capital Management LLC DE raised its stake in shares of Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after purchasing an additional 339 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Progressive during the fourth quarter worth approximately $250,000. Finally, Loomis Sayles & Co. L P raised its stake in shares of Progressive by 7.7% during the fourth quarter. Loomis Sayles & Co. L P now owns 4,120 shares of the insurance provider's stock worth $987,000 after purchasing an additional 295 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

PGR traded down $9.43 during midday trading on Monday, reaching $240.67. 5,549,639 shares of the company's stock were exchanged, compared to its average volume of 3,551,047. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.34 and a quick ratio of 0.29. The stock has a market capitalization of $141.09 billion, a PE ratio of 13.56, a P/E/G ratio of 1.50 and a beta of 0.37. The Progressive Corporation has a 1-year low of $208.13 and a 1-year high of $292.99. The business's 50-day moving average price is $263.30 and its 200 day moving average price is $266.31.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.48 earnings per share. As a group, equities analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were paid a dividend of $0.10 per share. This represents a dividend yield of 0.15%. The ex-dividend date was Thursday, July 3rd. Progressive's payout ratio is currently 2.25%.

Insider Transactions at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the sale, the director directly owned 12,429 shares of the company's stock, valued at approximately $3,451,160.43. This trade represents a 16.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the completion of the sale, the director directly owned 12,217 shares in the company, valued at approximately $3,181,673.31. The trade was a 23.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,972 shares of company stock worth $9,078,681 in the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PGR shares. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a research note on Thursday, July 17th. JPMorgan Chase & Co. upped their price target on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Jefferies Financial Group cut their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Keefe, Bruyette & Woods cut their price objective on Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research report on Thursday, July 17th. Finally, Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Progressive currently has an average rating of "Moderate Buy" and a consensus target price of $286.88.

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.