National Bank of Canada FI Has $110.18 Million Stock Position in The Progressive Co. (NYSE:PGR)

National Bank of Canada FI lifted its stake in shares of The Progressive Co. (NYSE:PGR) by 34.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 681,706 shares of the insurance provider’s stock after buying an additional 175,363 shares during the quarter. National Bank of Canada FI’s holdings in Progressive were worth $110,177,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP grew its stake in Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares during the period. Northern Trust Corp grew its position in shares of Progressive by 2.8% during the 3rd quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock valued at $833,410,000 after acquiring an additional 162,916 shares during the period. Deutsche Bank AG raised its holdings in shares of Progressive by 2.9% in the 3rd quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock worth $785,814,000 after purchasing an additional 156,332 shares during the period. Invesco Ltd. grew its holdings in Progressive by 31.8% during the third quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock valued at $666,004,000 after purchasing an additional 1,154,591 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Progressive by 10.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,363,575 shares of the insurance provider’s stock worth $468,546,000 after buying an additional 309,287 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the subject of several recent research reports. UBS Group lifted their target price on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. HSBC lifted their target price on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. Keefe, Bruyette & Woods raised their price target on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a report on Wednesday, April 10th. Finally, Roth Mkm lifted their price objective on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, March 18th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and an average price target of $211.88.

Progressive Trading Down 0.1 %

PGR traded down $0.31 during midday trading on Friday, reaching $208.72. 2,150,779 shares of the company’s stock traded hands, compared to its average volume of 2,992,636. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The Progressive Co. has a 52 week low of $111.41 and a 52 week high of $216.21. The stock has a market capitalization of $122.25 billion, a price-to-earnings ratio of 21.36, a P/E/G ratio of 0.82 and a beta of 0.34. The firm has a fifty day moving average of $204.30 and a two-hundred day moving average of $179.90.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the business earned $0.65 EPS. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. On average, equities analysts anticipate that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio is presently 4.09%.

Insiders Place Their Bets

In related news, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now owns 32,342 shares of the company’s stock, valued at $6,128,485.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,139 shares of company stock worth $7,458,139. 0.34% of the stock is owned by corporate insiders.

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.