Toronto Dominion Bank Raises Stock Position in The Progressive Co. (NYSE:PGR)

Toronto Dominion Bank lifted its stake in The Progressive Co. (NYSE:PGR) by 137.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 487,628 shares of the insurance provider’s stock after buying an additional 282,577 shares during the period. Toronto Dominion Bank owned approximately 0.08% of Progressive worth $123,740,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its stake in Progressive by 17.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 76,709 shares of the insurance provider’s stock worth $15,933,000 after buying an additional 11,327 shares during the period. Great Valley Advisor Group Inc. acquired a new stake in Progressive during the 2nd quarter valued at approximately $347,000. ORG Partners LLC raised its position in shares of Progressive by 3,150.0% in the 2nd quarter. ORG Partners LLC now owns 2,080 shares of the insurance provider’s stock valued at $436,000 after purchasing an additional 2,016 shares in the last quarter. J.Safra Asset Management Corp bought a new stake in shares of Progressive in the 2nd quarter worth about $64,000. Finally, Financial Strategies Group Inc. raised its position in shares of Progressive by 12.3% during the 2nd quarter. Financial Strategies Group Inc. now owns 30,238 shares of the insurance provider’s stock valued at $6,335,000 after acquiring an additional 3,309 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of NYSE PGR opened at $247.30 on Wednesday. The Progressive Co. has a one year low of $149.14 and a one 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 business has a fifty day simple moving average of $254.52 and a 200 day simple moving average of $235.83. The firm has a market capitalization of $144.87 billion, a price-to-earnings ratio of 17.97, a PEG ratio of 0.70 and a beta of 0.38.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Sell-side analysts expect that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Insider Activity at Progressive

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

Analysts Set New Price Targets

Several research firms recently weighed in on PGR. TD Cowen increased their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Piper Sandler increased their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. boosted their price objective on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley raised their price objective 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. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average target price of $270.69.

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.