Toronto Dominion Bank trimmed its holdings in shares of Progressive Corp (NYSE:PGR) by 34.6% during the first quarter, Holdings Channel reports. The fund owned 379,325 shares of the insurance provider’s stock after selling 200,821 shares during the quarter. Toronto Dominion Bank’s holdings in Progressive were worth $27,338,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Oregon Public Employees Retirement Fund boosted its stake in shares of Progressive by 4,886.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock valued at $161,000 after purchasing an additional 9,515,013 shares during the last quarter. Norges Bank bought a new stake in shares of Progressive in the 4th quarter valued at $346,597,000. Eaton Vance Management boosted its stake in shares of Progressive by 84.5% in the 4th quarter. Eaton Vance Management now owns 2,444,668 shares of the insurance provider’s stock valued at $147,486,000 after purchasing an additional 1,119,423 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Progressive by 35.1% in the 4th quarter. Bank of Montreal Can now owns 3,273,063 shares of the insurance provider’s stock valued at $197,463,000 after purchasing an additional 850,970 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in shares of Progressive by 35.0% in the 4th quarter. California Public Employees Retirement System now owns 3,145,119 shares of the insurance provider’s stock valued at $189,745,000 after purchasing an additional 815,149 shares during the last quarter. 80.76% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently commented on the stock. Credit Suisse Group upped their price objective on shares of Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a research note on Wednesday, April 17th. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Monday, April 22nd. Buckingham Research set a $64.00 price objective on shares of Progressive and gave the company a “hold” rating in a research note on Monday. Wells Fargo & Co reaffirmed a “hold” rating and issued a $73.00 price objective on shares of Progressive in a research note on Thursday, February 28th. Finally, Barclays upped their price objective on shares of Progressive from $81.00 to $86.00 and gave the company an “overweight” rating in a research note on Monday, April 1st. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $75.36.
Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The firm had revenue of $9.24 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same quarter in the prior year, the company posted $1.22 earnings per share. The business’s revenue was up 16.0% on a year-over-year basis. On average, equities research analysts expect that Progressive Corp will post 5.15 EPS for the current fiscal year.
The firm also recently disclosed an annual dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, April 5th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, April 4th. This represents a yield of 0.14%. Progressive’s payout ratio is 59.05%.
In other news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $71.37, for a total value of $856,440.00. Following the completion of the sale, the chief financial officer now owns 380,019 shares in the company, valued at $27,121,956.03. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Susan Patricia Griffith sold 12,600 shares of the stock in a transaction dated Thursday, February 14th. The shares were sold at an average price of $70.30, for a total transaction of $885,780.00. Following the completion of the sale, the insider now owns 260,138 shares of the company’s stock, valued at approximately $18,287,701.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 128,450 shares of company stock worth $9,599,837. Corporate insiders own 0.39% of the company’s stock.
Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.
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