TD Asset Management Inc Acquires 265,284 Shares of The Progressive Corporation (NYSE:PGR)

Key Points

• TD Asset Management Inc increased its stake in The Progressive Corporation by 14.6% in the first quarter, now owning approximately 2,079,820 shares valued at $588.61 million.
• Analysts have mixed ratings on Progressive, with nine issuing a "buy" rating and nine providing a "hold" rating, reflecting a consensus price target of $286.88.
• Progressive recently reported earnings of $4.88 EPS, exceeding estimates, and announced a dividend of $0.10 per share, highlighting its solid financial performance.

TD Asset Management Inc raised its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 14.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,079,820 shares of the insurance provider's stock after buying an additional 265,284 shares during the quarter. TD Asset Management Inc owned about 0.35% of Progressive worth $588,610,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in Progressive by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock valued at $3,498,363,000 after buying an additional 189,638 shares in the last quarter. Northern Trust Corp lifted its position in shares of Progressive by 13.0% in the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after purchasing an additional 710,684 shares in the last quarter. Capital Research Global Investors lifted its position in shares of Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Progressive by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock worth $1,433,722,000 after purchasing an additional 915,643 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Progressive by 2.9% in the fourth quarter. Invesco Ltd. now owns 5,521,545 shares of the insurance provider's stock worth $1,323,018,000 after purchasing an additional 153,044 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PGR. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. BMO Capital Markets cut their price objective on shares of Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research report on Friday, July 18th. Evercore ISI lowered shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target on the stock. in a research report on Thursday, July 17th. Wells Fargo & Company upped their price target on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, JPMorgan Chase & Co. upped their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $286.88.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 4,000 shares of the firm's stock in a transaction that occurred 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 owned 41,289 shares in the company, valued at $10,750,829.82. This trade represents a 8.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 1,267 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $247.54, for a total transaction of $313,633.18. Following the completion of the transaction, the insider owned 26,354 shares of the company's stock, valued at approximately $6,523,669.16. This trade represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,972 shares of company stock worth $9,078,681 in the last quarter. Corporate insiders own 0.33% of the company's stock.

Progressive Price Performance

Progressive stock traded up $0.01 during trading hours on Wednesday, reaching $241.50. 1,116,627 shares of the stock were exchanged, compared to its average volume of 3,267,587. The company has a market cap of $141.57 billion, a P/E ratio of 13.62, a price-to-earnings-growth ratio of 1.44 and a beta of 0.37. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a twelve month low of $208.13 and a twelve month high of $292.99. The stock has a 50 day moving average of $262.43 and a two-hundred day moving average of $266.14.

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

Progressive Dividend Announcement

The business also recently declared a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were paid a $0.10 dividend. The ex-dividend date was Thursday, July 3rd. This represents a dividend yield of 0.15%. Progressive's payout ratio is currently 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.