M&T Bank Corp Has $16.79 Million Stock Holdings in The Progressive Corporation (NYSE:PGR)

M&T Bank Corp lowered its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 5.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 59,310 shares of the insurance provider's stock after selling 3,267 shares during the quarter. M&T Bank Corp's holdings in Progressive were worth $16,786,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. State of Alaska Department of Revenue grew its position in shares of Progressive by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after acquiring an additional 1,800 shares during the last quarter. QRG Capital Management Inc. grew its position in shares of Progressive by 36.4% during the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after acquiring an additional 33,864 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its position in shares of Progressive by 498.5% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after acquiring an additional 4,212 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Progressive during the first quarter worth approximately $3,141,000. Finally, Janney Montgomery Scott LLC grew its position in shares of Progressive by 16.5% during the first quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock worth $26,451,000 after acquiring an additional 13,231 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PGR. BMO Capital Markets lifted their price objective on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $288.00 to $290.00 and gave the company a "market perform" rating in a research report on Wednesday. UBS Group lowered their price objective on shares of Progressive from $291.00 to $280.00 and set a "neutral" rating on the stock in a research report on Wednesday. Barclays lowered their price objective on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a research report on Monday. Finally, Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $285.41.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,267 shares of the stock in a transaction 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 sale, the insider owned 27,621 shares in the company, valued at approximately $7,191,955.98. This represents a 4.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Jo Murphy sold 4,000 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider directly owned 41,289 shares in the company, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock worth $11,450,948 in the last three months. 0.34% of the stock is owned by corporate insiders.

Progressive Price Performance

Shares of Progressive stock traded down $1.29 during trading on Thursday, reaching $249.13. The company's stock had a trading volume of 4,289,710 shares, compared to its average volume of 2,807,988. The stock has a market capitalization of $146.04 billion, a P/E ratio of 16.80, a price-to-earnings-growth ratio of 1.58 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. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a 50-day moving average price of $272.83 and a two-hundred day moving average price of $265.51.

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

Progressive Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Friday, July 11th. Investors of record on Friday, July 4th will be given a $0.10 dividend. The ex-dividend date is Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's dividend payout ratio is presently 2.70%.

About Progressive

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.