M&T Bank Corp Has $16.58 Million Position in The Progressive Co. (NYSE:PGR)

M&T Bank Corp cut its position in shares of The Progressive Co. (NYSE:PGR) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,323 shares of the insurance provider’s stock after selling 2,273 shares during the period. M&T Bank Corp’s holdings in Progressive were worth $16,576,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Townsquare Capital LLC increased its stake in shares of Progressive by 90.9% during the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock worth $1,983,000 after purchasing an additional 3,720 shares during the last quarter. Diversified Trust Co increased its stake in shares of Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after purchasing an additional 11,770 shares during the last quarter. Sycomore Asset Management increased its stake in shares of Progressive by 9.5% during the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after purchasing an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. acquired a new position in Progressive in the 2nd quarter valued at about $981,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after buying an additional 330,667 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of Progressive stock opened at $247.30 on Wednesday. The company has a 50 day moving average of $254.52 and a 200-day moving average of $235.83. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $270.62. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market cap of $144.87 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. As a group, equities research analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, January 9th. Progressive’s dividend payout ratio is 2.91%.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. This represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This trade represents a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,839 shares of company stock worth $6,718,965 in the last three months. 0.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research reports. TD Cowen upped their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research note on Tuesday. Morgan Stanley upped their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Bank of America upped their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Six investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $270.69.

Progressive Company Profile

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.