M&T Bank Corp Grows Stake in The Progressive Corporation $PGR

Key Points

• M&T Bank Corp increased its stake in The Progressive Corporation by 21.4%, buying 10,356 shares to hold 58,647 shares valued at about $13.36 million, and institutional investors now own roughly 85.34% of the stock.
• Progressive reported quarterly EPS of $4.80 (beating the $4.67 estimate) but missed on revenue at $22.19 billion versus $23.51 billion; the company posted a strong return on equity of 33.47%.
• PGR shares opened around $199.49 (52-week range $192.02–$289.96), trade at a P/E of 10.14, pay a small annualized dividend yield of 0.2%, and carry a consensus analyst rating of "Hold" with a target of $238.39.

M&T Bank Corp boosted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 21.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,647 shares of the insurance provider's stock after purchasing an additional 10,356 shares during the period. M&T Bank Corp's holdings in Progressive were worth $13,355,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock valued at $12,584,067,000 after buying an additional 593,612 shares during the last quarter. State Street Corp grew its holdings in Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock valued at $6,373,474,000 after buying an additional 78,374 shares during the last quarter. Capital International Investors grew its holdings in Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider's stock valued at $3,384,082,000 after buying an additional 6,045,732 shares during the last quarter. Capital Research Global Investors grew its holdings in Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider's stock valued at $2,757,905,000 after buying an additional 2,314,864 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in Progressive by 4.9% during the 3rd quarter. Legal & General Group Plc now owns 4,196,111 shares of the insurance provider's stock valued at $1,036,230,000 after buying an additional 197,603 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

PGR stock opened at $199.49 on Tuesday. The Progressive Corporation has a 52-week low of $192.02 and a 52-week high of $289.96. The stock's fifty day simple moving average is $203.18 and its 200-day simple moving average is $212.01. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $116.69 billion, a price-to-earnings ratio of 10.14, a price-to-earnings-growth ratio of 6.58 and a beta of 0.31.

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

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

PGR has been the topic of a number of analyst reports. Piper Sandler reiterated an "overweight" rating and set a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. BMO Capital Markets increased their target price on Progressive from $208.00 to $221.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. Wells Fargo & Company increased their target price on Progressive from $215.00 to $218.00 and gave the company an "equal weight" rating in a report on Thursday, April 16th. Bank of America increased their target price on Progressive from $295.00 to $298.00 and gave the company a "buy" rating in a report on Tuesday, April 14th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $225.00 target price on shares of Progressive in a report on Monday, February 23rd. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $238.39.

Insiders Place Their Bets

In other news, CAO Carl G. Joyce sold 270 shares of the firm's stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer owned 558 shares in the company, valued at $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive directly owned 26,250 shares in the company, valued at $5,330,062.50. This trade represents a 7.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 6,933 shares of company stock worth $1,441,564 over the last ninety days. Company insiders own 0.32% of the company's stock.

Progressive 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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.