The Progressive Corporation $PGR Shares Bought by TD Asset Management Inc

Key Points

• TD Asset Management boosted its stake in Progressive by 19% in the fourth quarter, ending with 1.5 million shares valued at about $342.3 million. Institutional ownership of Progressive remains high at 85.34%.
• Progressive reported Q1 earnings of $4.80 per share, beating the consensus estimate of $4.67, while revenue came in below expectations at $22.19 billion. Revenue still rose 6.5% year over year.
• The stock was down 1.7% to $193.54, near its 52-week low, and analysts currently have a Hold consensus with an average target price of $238.11. Progressive also announced a quarterly dividend of $0.10 per share.

TD Asset Management Inc grew its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 19.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,503,026 shares of the insurance provider's stock after acquiring an additional 240,172 shares during the quarter. TD Asset Management Inc owned about 0.26% of Progressive worth $342,269,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Brighton Jones LLC increased its stake in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in Progressive during the fourth quarter worth about $269,000. Bison Wealth LLC increased its stake in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after acquiring an additional 80 shares during the last quarter. HUB Investment Partners LLC increased its stake in Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock worth $609,000 after acquiring an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC grew its stake in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock valued at $3,681,000 after buying an additional 1,622 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 1.7%

NYSE:PGR opened at $193.54 on Thursday. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The business's 50 day moving average is $199.07 and its two-hundred day moving average is $209.11. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $288.35. The company has a market cap of $113.09 billion, a PE ratio of 9.84, a P/E/G ratio of 5.71 and a beta of 0.28.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results 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. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business's revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $4.37 EPS. On average, analysts predict that The Progressive Corporation will post 16.33 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is 2.03%.

Analysts Set New Price Targets

PGR has been the subject of a number of recent research reports. Weiss Ratings lowered Progressive from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 6th. Jefferies Financial Group lowered their target price on Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a research note on Tuesday, March 24th. Zacks Research upgraded Progressive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. Morgan Stanley lowered their target price on Progressive from $205.00 to $190.00 and set an "underweight" rating for the company in a research note on Tuesday, March 31st. Finally, Roth Mkm set a $235.00 target price on Progressive in a research note on Thursday, February 19th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $238.11.

Insider Activity

In other Progressive news, CAO Carl G. Joyce sold 270 shares of Progressive 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 of the company's stock, valued at $115,227. The trade was a 32.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.32% of the company's stock.

About Progressive

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.

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