Toronto Dominion Bank Grows Holdings in The Progressive Co. (NYSE:PGR)

Toronto Dominion Bank boosted its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 137.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 487,628 shares of the insurance provider's stock after acquiring an additional 282,577 shares during the period. Toronto Dominion Bank owned 0.08% of Progressive worth $123,740,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in shares of Progressive by 13.2% in the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider's stock worth $3,652,235,000 after buying an additional 1,682,213 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider's stock worth $1,205,266,000 after buying an additional 842,109 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Progressive by 75.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider's stock worth $379,139,000 after buying an additional 641,943 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Progressive by 29,701.6% in the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider's stock worth $151,325,000 after buying an additional 594,330 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Progressive by 206.8% during the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider's stock worth $222,207,000 after purchasing an additional 590,235 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Price Performance

Shares of NYSE PGR traded down $4.23 during trading on Wednesday, hitting $243.04. The company had a trading volume of 1,896,699 shares, compared to its average volume of 2,468,591. The stock has a fifty day simple moving average of $254.38 and a two-hundred day simple moving average of $236.13. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $270.62. The firm has a market capitalization of $142.38 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 0.70 and a beta of 0.38. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate 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%. On average, research analysts expect 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 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 (DPR) is presently 2.91%.

Insiders Place Their Bets

In other news, insider Steven Broz sold 2,981 shares of the business'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 value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares of the company's stock, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, November 29th. The shares were 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 $78,539,110.22. This trade represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,839 shares of company stock valued at $6,718,965 over the last ninety days. Company insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PGR shares. The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a "buy" rating in a report on Wednesday, September 18th. Hsbc Global Res cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Barclays raised their target price on shares of Progressive from $267.00 to $277.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. raised their target price on shares of Progressive from $242.00 to $251.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Finally, Piper Sandler raised their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an "overweight" rating in a report on Thursday, August 15th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and an average target price 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.