Mcdonald Capital Investors Inc. CA Lowers Position in The Progressive Corporation (NYSE:PGR)

Mcdonald Capital Investors Inc. CA cut its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 7.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 952,035 shares of the insurance provider's stock after selling 82,147 shares during the period. Progressive accounts for 17.0% of Mcdonald Capital Investors Inc. CA's portfolio, making the stock its largest holding. Mcdonald Capital Investors Inc. CA owned 0.16% of Progressive worth $269,435,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Integrated Advisors Network LLC lifted its stake in Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after acquiring an additional 36 shares during the last quarter. Pines Wealth Management LLC lifted its stake in Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after acquiring an additional 37 shares during the last quarter. Contravisory Investment Management Inc. lifted its stake in Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after acquiring an additional 38 shares during the last quarter. Beacon Financial Group lifted its stake in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after acquiring an additional 39 shares during the last quarter. Finally, Kesler Norman & Wride LLC lifted its stake in Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock worth $885,000 after acquiring an additional 40 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. BMO Capital Markets raised their price objective on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $288.00 to $290.00 and gave the company a "market perform" rating in a report on Wednesday. Wells Fargo & Company lifted their target price on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Morgan Stanley cut shares of Progressive from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $330.00 to $290.00 in a report on Monday. Finally, JPMorgan Chase & Co. lifted their target price on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $285.41.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,267 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $329,901.46. Following the completion of the sale, the insider owned 27,621 shares of the company's stock, valued at approximately $7,191,955.98. The trade was a 4.39% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were 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 of the company's stock, valued at approximately $3,181,673.31. The trade was a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock valued at $11,450,948 in the last quarter. 0.34% of the stock is owned by company insiders.

Progressive Stock Down 0.8%

Shares of NYSE:PGR traded down $1.98 during midday trading on Thursday, reaching $248.43. The company had a trading volume of 286,769 shares, compared to its average volume of 2,789,857. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The stock's fifty day moving average price is $272.83 and its 200-day moving average price is $265.51. The stock has a market capitalization of $145.63 billion, a P/E ratio of 16.73, a PEG ratio of 1.59 and a beta of 0.37. The Progressive Corporation has a one year low of $207.50 and a one year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Equities research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be issued a $0.10 dividend. This represents a yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's 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.

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