Mcdonald Capital Investors Inc. CA Has $201.24 Million Position in The Progressive Corporation $PGR

Key Points

• Mcdonald Capital Investors trimmed its stake in The Progressive Corporation by 3.2% to 883,700 shares, a holding worth about $201.24 million that represents roughly 12.3% of the firm's portfolio and is its largest position.
• Progressive reported $4.80 EPS for the quarter (beating the $4.67 estimate) but recorded revenue of $22.19 billion, below expectations; analysts project ~16.38 EPS for the current year.
• The stock has a market cap of about $117.4 billion and a PE of 10.2, with institutional ownership around 85% and a consensus analyst rating of "Hold" with a target price near $238.39.

Mcdonald Capital Investors Inc. CA lessened its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 3.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 883,700 shares of the insurance provider's stock after selling 29,157 shares during the quarter. Progressive makes up about 12.3% of Mcdonald Capital Investors Inc. CA's portfolio, making the stock its biggest position. Mcdonald Capital Investors Inc. CA owned approximately 0.15% of Progressive worth $201,236,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PGR. Illinois Municipal Retirement Fund lifted its holdings in shares of Progressive by 30.2% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider's stock valued at $25,381,000 after purchasing an additional 23,833 shares during the last quarter. Allstate Corp raised its stake in Progressive by 1,614.1% in the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider's stock valued at $5,334,000 after buying an additional 20,338 shares during the last quarter. Gateway Investment Advisers LLC boosted its holdings in Progressive by 91.7% in the third quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider's stock worth $2,892,000 after acquiring an additional 5,600 shares in the last quarter. Mather Group LLC. grew its stake in shares of Progressive by 40.6% during the third quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider's stock worth $4,159,000 after acquiring an additional 4,865 shares during the last quarter. Finally, Arkadios Wealth Advisors increased its holdings in shares of Progressive by 471.3% during the third quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider's stock valued at $5,556,000 after acquiring an additional 18,558 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Down 1.2%

Progressive stock opened at $200.65 on Thursday. The firm has a market cap of $117.38 billion, a PE ratio of 10.20, a P/E/G ratio of 6.66 and a beta of 0.34. The Progressive Corporation has a 12 month low of $192.02 and a 12 month high of $289.96. The stock's 50 day simple moving average is $203.18 and its two-hundred day simple moving average is $212.45. The company has a current ratio of 0.33, a quick ratio of 0.35 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $23.51 billion. During the same period in the previous year, the business posted $4.37 EPS. The business's revenue was up 6.5% compared to the same quarter last year. Analysts anticipate that The Progressive Corporation will post 16.38 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, April 2nd. Progressive's dividend payout ratio is presently 2.03%.

Wall Street Analyst Weigh In

A number of research firms recently commented on PGR. JPMorgan Chase & Co. lowered their target price on shares of Progressive from $303.00 to $275.00 and set an "overweight" rating for the company in a research note on Wednesday, January 7th. Piper Sandler reiterated an "overweight" rating and set a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. HSBC downgraded Progressive from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 16th. Citigroup lowered their price target on Progressive from $300.60 to $261.00 and set a "buy" rating for the company in a research report on Tuesday, February 3rd. Finally, Evercore reissued a "negative" rating on shares of Progressive in a report on Wednesday, March 18th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Progressive currently has an average rating of "Hold" and a consensus target price of $238.39.

Insider Activity at Progressive

In related news, insider Maribel Pumarejo sold 739 shares of the business's stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the transaction, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 6,933 shares of company stock worth $1,441,564 over the last 90 days. 0.32% of the stock is owned by insiders.

Progressive Company 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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