M&T Bank Corp Sells 2,273 Shares of The Progressive Co. (NYSE:PGR)

M&T Bank Corp decreased its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 3.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 65,323 shares of the insurance provider's stock after selling 2,273 shares during the quarter. M&T Bank Corp's holdings in Progressive were worth $16,576,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. raised its holdings in Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider's stock worth $60,000 after purchasing an additional 41 shares during the last quarter. LRI Investments LLC raised its holdings in Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock worth $76,000 after purchasing an additional 42 shares during the last quarter. Castleview Partners LLC raised its holdings in Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider's stock worth $434,000 after purchasing an additional 45 shares during the last quarter. Washington Trust Bank raised its holdings in Progressive by 4.6% during the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider's stock worth $260,000 after purchasing an additional 45 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its stake in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider's stock valued at $54,000 after acquiring an additional 46 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 2,981 shares of the business's stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. The trade was a 10.16 % 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 the business's stock in a transaction dated 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 sale, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,839 shares of company stock worth $6,718,965 in the last ninety days. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the subject of several research analyst reports. Jefferies Financial Group lifted their price objective on shares of Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. The Goldman Sachs Group lifted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a "buy" rating in a research note on Wednesday, September 18th. Wells Fargo & Company lifted their price objective on shares of Progressive from $281.00 to $282.00 and gave the company an "overweight" rating in a research note on Tuesday, September 10th. Bank of America lifted their price target on shares of Progressive from $331.00 to $335.00 and gave the company a "buy" rating in a research report on Monday, November 18th. Finally, Hsbc Global Res downgraded shares of Progressive from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $270.69.

Progressive Stock Down 1.5 %

PGR traded down $3.59 during mid-day trading on Wednesday, reaching $243.68. 3,615,278 shares of the stock were exchanged, compared to its average volume of 2,476,035. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market capitalization of $142.75 billion, a PE ratio of 17.84, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38. The company has a 50 day moving average price of $254.38 and a two-hundred day moving average price of $236.13. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $270.62.

Progressive (NYSE:PGR - Get Free Report) last posted 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. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, research analysts anticipate that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Announces Dividend

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 dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, January 9th. Progressive's payout ratio is 2.91%.

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.