Progressive Corp (PGR) Position Raised by Bank of Montreal Can

Bank of Montreal Can increased its holdings in Progressive Corp (NYSE:PGR) by 35.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,273,063 shares of the insurance provider’s stock after purchasing an additional 850,970 shares during the quarter. Bank of Montreal Can owned 0.56% of Progressive worth $197,463,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Rehmann Capital Advisory Group lifted its stake in shares of Progressive by 88.5% in the third quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock worth $51,000 after buying an additional 339 shares in the last quarter. Legacy Financial Advisors Inc. raised its holdings in shares of Progressive by 19.5% during the fourth quarter. Legacy Financial Advisors Inc. now owns 1,541 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 251 shares during the last quarter. Capital Advisors Ltd. LLC raised its holdings in shares of Progressive by 409.1% during the third quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock valued at $105,000 after purchasing an additional 1,125 shares during the last quarter. ELM Advisors LLC purchased a new position in shares of Progressive during the third quarter valued at approximately $107,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Progressive during the third quarter valued at approximately $112,000. Institutional investors own 82.13% of the company’s stock.

Shares of PGR opened at $70.80 on Thursday. Progressive Corp has a twelve month low of $53.57 and a twelve month high of $73.69. The firm has a market capitalization of $41.26 billion, a PE ratio of 16.02, a PEG ratio of 1.86 and a beta of 0.75. The company has a current ratio of 0.32, a quick ratio of 0.42 and a debt-to-equity ratio of 0.41.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.01 by ($0.57). The firm had revenue of $7.94 billion during the quarter, compared to analysts’ expectations of $7.86 billion. Progressive had a net margin of 8.16% and a return on equity of 24.54%. The company’s revenue was up 17.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.98 EPS. On average, equities research analysts predict that Progressive Corp will post 5.01 earnings per share for the current year.

The business also recently declared an annual dividend, which was paid on Monday, February 11th. Investors of record on Monday, February 4th were paid a $2.514 dividend. This represents a yield of 3.85%. The ex-dividend date of this dividend was Friday, February 1st. This is an increase from Progressive’s previous annual dividend of $1.12. Progressive’s dividend payout ratio (DPR) is currently 56.79%.

A number of brokerages have commented on PGR. Wells Fargo & Co set a $73.00 target price on shares of Progressive and gave the company a “hold” rating in a report on Thursday. Credit Suisse Group reduced their target price on shares of Progressive from $79.00 to $74.00 and set a “buy” rating for the company in a report on Thursday, December 20th. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Wednesday, January 2nd. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Finally, Raymond James increased their price objective on shares of Progressive from $82.00 to $85.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, October 17th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $71.86.

In related news, insider M Jeffrey Charney sold 18,000 shares of the firm’s stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $66.58, for a total value of $1,198,440.00. Following the transaction, the insider now owns 145,304 shares of the company’s stock, valued at approximately $9,674,340.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John A. Barbagallo sold 5,948 shares of the firm’s stock in a transaction dated Thursday, January 3rd. The shares were sold at an average price of $58.96, for a total transaction of $350,694.08. Following the transaction, the insider now directly owns 177,370 shares in the company, valued at approximately $10,457,735.20. The disclosure for this sale can be found here. Insiders sold a total of 80,948 shares of company stock worth $5,277,174 in the last ninety days. 0.70% of the stock is currently owned by insiders.

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Progressive Company Profile

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.

See Also: Float

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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