Toronto Dominion Bank Acquires 282,577 Shares of The Progressive Co. (NYSE:PGR)

Toronto Dominion Bank lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 137.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 487,628 shares of the insurance provider’s stock after purchasing an additional 282,577 shares during the quarter. Toronto Dominion Bank’s holdings in Progressive were worth $123,740,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of PGR. Davis Capital Management bought a new stake in shares of Progressive during the 3rd quarter valued at $25,000. WR Wealth Planners LLC raised its position in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. boosted its stake in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares in the last quarter. Kimelman & Baird LLC acquired a new position in Progressive during the 2nd quarter worth approximately $36,000. Finally, Sachetta LLC raised its position in Progressive by 34.0% in the second quarter. Sachetta LLC now owns 209 shares of the insurance provider’s stock valued at $45,000 after purchasing an additional 53 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,839 shares of company stock worth $6,718,965 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.2 %

Progressive stock opened at $247.30 on Wednesday. The firm has a market capitalization of $144.87 billion, a price-to-earnings ratio of 17.97, a P/E/G ratio of 0.70 and a beta of 0.38. The firm has a 50 day simple moving average of $254.52 and a 200 day simple 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.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. On average, analysts predict that The Progressive Co. will post 13.2 earnings per share for the current year.

Progressive Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have issued reports on PGR. Wells Fargo & Company upped their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Bank of America raised their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Morgan Stanley upped their price target on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Piper Sandler lifted their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Finally, Evercore ISI upped their price objective on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $270.69.

Progressive 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.