Toronto Dominion Bank Decreases Stake in Progressive Corp (NYSE:PGR)

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Toronto Dominion Bank decreased its position in Progressive Corp (NYSE:PGR) by 99.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 345 shares of the insurance provider’s stock after selling 303,505 shares during the period. Toronto Dominion Bank’s holdings in Progressive were worth $28,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. WASHINGTON TRUST Co bought a new position in Progressive in the 1st quarter worth approximately $25,000. Baystate Wealth Management LLC boosted its holdings in Progressive by 62.8% in the 2nd quarter. Baystate Wealth Management LLC now owns 389 shares of the insurance provider’s stock worth $31,000 after buying an additional 150 shares during the period. Security National Trust Co. bought a new position in Progressive in the 1st quarter worth approximately $31,000. PrairieView Partners LLC bought a new position in Progressive in the 1st quarter valued at $36,000. Finally, Capital Square LLC bought a new position in Progressive in the 1st quarter valued at $36,000. 79.76% of the stock is owned by hedge funds and other institutional investors.

NYSE:PGR traded up $0.48 during trading hours on Thursday, reaching $90.89. The company’s stock had a trading volume of 91,509 shares, compared to its average volume of 2,172,632. The firm has a market capitalization of $52.53 billion, a price-to-earnings ratio of 12.06, a PEG ratio of 2.45 and a beta of 0.54. The firm has a 50-day simple moving average of $86.18 and a 200-day simple moving average of $80.11. Progressive Corp has a 1 year low of $62.18 and a 1 year high of $91.81. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.44 and a current ratio of 0.44.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.10. The company had revenue of $10.14 billion for the quarter, compared to analysts’ expectations of $9.72 billion. Progressive had a net margin of 10.85% and a return on equity of 29.04%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.66 EPS. Equities analysts anticipate that Progressive Corp will post 6.45 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, October 7th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend is Tuesday, October 6th. Progressive’s payout ratio is presently 5.95%.

Several research analysts have commented on PGR shares. Argus downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Thursday, August 13th. Bank of America started coverage on shares of Progressive in a report on Monday, June 1st. They issued a “buy” rating for the company. Deutsche Bank raised their price target on shares of Progressive from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Benchmark downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Friday, July 31st. Finally, Raymond James raised their price target on shares of Progressive from $95.00 to $100.00 and gave the company a “strong-buy” rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $86.31.

In other Progressive news, CFO John P. Sauerland sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $78.91, for a total value of $1,183,650.00. Following the sale, the chief financial officer now owns 332,326 shares of the company’s stock, valued at approximately $26,223,844.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Michael D. Sieger sold 2,868 shares of Progressive stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $88.05, for a total transaction of $252,527.40. Following the sale, the insider now directly owns 60,433 shares in the company, valued at approximately $5,321,125.65. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,823 shares of company stock worth $3,772,381. 0.38% of the stock is owned by corporate insiders.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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