TD Asset Management Inc Sells 414,778 Shares of The Progressive Corporation $PGR

Key Points

• TD Asset Management Inc reduced its stake in The Progressive Corporation by 19.9%, selling 414,778 shares during the second quarter, which now brings their total ownership to approximately 1,665,042 shares valued at $444.3 million.
• Progressive announced a quarterly dividend of $0.10 per share, reflecting an annual yield of 0.2%, with a payout ratio of 2.25%.
• Progressive reported an EPS of $4.88 for the last quarter, exceeding estimates by $0.45, and marked a revenue increase of 12.1% year-over-year.

TD Asset Management Inc lessened its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 19.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,665,042 shares of the insurance provider's stock after selling 414,778 shares during the quarter. TD Asset Management Inc owned approximately 0.28% of Progressive worth $444,333,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Baron Silver Stevens Financial Advisors LLC bought a new stake in shares of Progressive during the second quarter worth $306,000. State of Alaska Department of Revenue grew its stake 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 buying an additional 1,800 shares during the last quarter. Trust Co. of Oklahoma bought a new stake in shares of Progressive during the second quarter worth $439,000. Belmont Capital LLC bought a new stake in shares of Progressive during the first quarter worth $580,000. Finally, Zurich Insurance Group Ltd FI grew its stake in shares of Progressive by 87.9% during the first quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider's stock worth $117,218,000 after buying an additional 193,800 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Price Performance

PGR stock opened at $236.27 on Tuesday. The firm has a market cap of $138.50 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.33 and a beta of 0.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The company's fifty day simple moving average is $245.09 and its 200 day simple moving average is $259.24.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the business earned $2.48 earnings per share. On average, analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is currently 2.25%.

Insider Activity

In other news, insider Lori A. Niederst sold 8,063 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karen Bailo sold 8,922 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the transaction, the insider owned 32,346 shares in the company, valued at $8,061,917.04. This represents a 21.62% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 130,045 shares of company stock valued at $31,997,390. Corporate insiders own 0.33% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Citigroup reaffirmed a "buy" rating on shares of Progressive in a research note on Friday, August 29th. UBS Group reduced their price objective on shares of Progressive from $268.00 to $261.00 and set a "neutral" rating on the stock in a research note on Wednesday, October 8th. Bank of America boosted their price objective on shares of Progressive from $343.00 to $350.00 and gave the stock a "buy" rating in a research note on Monday, September 29th. Morgan Stanley reduced their price objective on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating on the stock in a research note on Monday, September 22nd. Finally, Jefferies Financial Group reduced their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $279.63.

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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