Scotia Capital Inc. Grows Stock Holdings in The Progressive Corporation (NYSE:PGR)

Key Points

• Scotia Capital Inc. significantly increased its holdings in The Progressive Corporation by 86.8%, owning 21,317 shares worth approximately $6.03 million as of the last SEC filing.
• Progressive reported a quarterly EPS of $4.88, exceeding analysts' expectations, while its revenue of $20.08 billion marked a 12.1% year-over-year growth.
• Insider transactions included CEO Susan Patricia Griffith selling 30,660 shares for over $7.4 million, which decreased her ownership in the company by 5.70%.

Scotia Capital Inc. boosted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 86.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,317 shares of the insurance provider's stock after purchasing an additional 9,903 shares during the quarter. Scotia Capital Inc.'s holdings in Progressive were worth $6,033,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Highline Wealth Partners LLC grew its stake in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares during the period. TruNorth Capital Management LLC boosted its holdings in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after purchasing an additional 63 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive in the fourth quarter valued at about $28,000. HWG Holdings LP bought a new stake in shares of Progressive during the 1st quarter worth approximately $28,000. Finally, Garde Capital Inc. acquired a new stake in Progressive in the first quarter valued at $33,000. 85.34% of the stock is owned by institutional investors.

Insider Activity

In related news, insider John Jo Murphy sold 2,218 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $552,814.32. Following the transaction, the insider directly owned 47,942 shares of the company's stock, valued at approximately $11,949,064.08. The trade was a 4.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 16,664 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the sale, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 104,250 shares of company stock worth $26,332,348. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

PGR has been the topic of several research reports. Bank of America decreased their price objective on shares of Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a report on Thursday, July 17th. UBS Group reduced their price objective on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a research note on Monday, July 21st. Keefe, Bruyette & Woods dropped 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. Barclays lowered their target price on Progressive from $297.00 to $287.00 and set an "equal weight" rating for the company in a research note on Monday, July 7th. Finally, Morgan Stanley reduced their price objective on Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, Progressive has an average rating of "Moderate Buy" and an average target price of $286.88.

Progressive Trading Up 1.9%

Shares of PGR traded up $4.53 during trading hours on Wednesday, reaching $247.47. 2,620,778 shares of the company traded hands, compared to its average volume of 3,698,092. The Progressive Corporation has a 12 month low of $213.47 and a 12 month high of $292.99. The company's fifty day moving average price is $258.78 and its two-hundred day moving average price is $266.15. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $145.07 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 1.46 and a beta of 0.33.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. The company had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.48 EPS. Equities research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were given a dividend of $0.10 per share. This represents a dividend yield of 15.0%. The ex-dividend date was Thursday, July 3rd. Progressive's dividend payout ratio (DPR) is presently 2.25%.

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.