Toronto Dominion Bank Has $34.76 Million Stock Position in The Progressive Co. (NYSE:PGR)

Toronto Dominion Bank reduced its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 70.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,072 shares of the insurance provider's stock after selling 342,556 shares during the period. Toronto Dominion Bank's holdings in Progressive were worth $34,761,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Webster Bank N. A. purchased a new position in shares of Progressive during the 4th quarter valued at approximately $26,000. Hager Investment Management Services LLC acquired a new position in Progressive during the 4th quarter worth $28,000. Minot DeBlois Advisors LLC acquired a new position in Progressive during the 4th quarter worth $28,000. Atlantic Edge Private Wealth Management LLC increased its position in shares of Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after purchasing an additional 41 shares during the last quarter. Finally, Valley National Advisers Inc. increased its position in shares of Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock worth $29,000 after purchasing an additional 120 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares of the company's stock, valued at approximately $180,891.35. The trade was a 35.47% 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 10,000 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the transaction, the chief financial officer now directly owns 248,024 shares in the company, valued at $66,616,766.16. The trade was a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,651 shares of company stock valued at $12,017,780 in the last three months. Insiders own 0.33% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their price objective on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a report on Tuesday, April 8th. Barclays boosted their price target on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a report on Friday, April 11th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 target price on shares of Progressive in a report on Thursday, April 17th. BMO Capital Markets lifted their price target on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Finally, Wells Fargo & Company boosted their price objective on shares of Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Progressive has an average rating of "Moderate Buy" and an average target price of $288.59.

Progressive Stock Up 2.7%

Shares of PGR stock traded up $7.52 during trading on Friday, hitting $284.82. 5,075,017 shares of the company were exchanged, compared to its average volume of 2,648,942. The business's 50-day simple moving average is $275.72 and its 200 day simple moving average is $263.55. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. The firm has a market capitalization of $166.97 billion, a price-to-earnings ratio of 19.78, a P/E/G ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The company had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. As a group, analysts forecast that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a $0.10 dividend. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive's dividend payout ratio (DPR) is currently 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.