Mcdonald Capital Investors Inc. CA Trims Holdings in The Progressive Co. (NYSE:PGR)

Mcdonald Capital Investors Inc. CA reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 1.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,394,596 shares of the insurance provider’s stock after selling 17,167 shares during the quarter. Progressive comprises about 13.8% of Mcdonald Capital Investors Inc. CA’s investment portfolio, making the stock its biggest position. Mcdonald Capital Investors Inc. CA owned 0.24% of Progressive worth $184,603,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Moneta Group Investment Advisors LLC bought a new position in Progressive in the fourth quarter worth approximately $840,885,000. Norges Bank purchased a new stake in Progressive during the fourth quarter worth $802,968,000. FMR LLC lifted its holdings in Progressive by 33.8% during the first quarter. FMR LLC now owns 12,507,199 shares of the insurance provider’s stock worth $1,789,280,000 after buying an additional 3,158,144 shares during the period. Morgan Stanley lifted its holdings in Progressive by 25.4% during the fourth quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after buying an additional 1,361,665 shares during the period. Finally, Brown Advisory Inc. lifted its holdings in Progressive by 5,249.5% during the first quarter. Brown Advisory Inc. now owns 1,364,448 shares of the insurance provider’s stock worth $195,198,000 after buying an additional 1,338,942 shares during the period. 83.66% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 5,070 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $127.50, for a total value of $646,425.00. Following the completion of the sale, the insider now directly owns 20,816 shares of the company’s stock, valued at $2,654,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Andrew J. Quigg sold 5,070 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $127.50, for a total value of $646,425.00. Following the completion of the transaction, the insider now owns 20,816 shares in the company, valued at approximately $2,654,040. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $126.51, for a total transaction of $1,518,120.00. Following the completion of the transaction, the chief financial officer now owns 309,507 shares of the company’s stock, valued at approximately $39,155,730.57. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,801 shares of company stock worth $8,203,964. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on PGR shares. Barclays increased their price target on Progressive from $107.00 to $109.00 and gave the stock an “underweight” rating in a research report on Thursday, August 17th. JPMorgan Chase & Co. upgraded Progressive from a “neutral” rating to an “overweight” rating and set a $146.00 target price on the stock in a research report on Monday, July 17th. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Bank of America raised their target price on shares of Progressive from $198.00 to $206.00 in a research note on Thursday, June 15th. Finally, Morgan Stanley lowered shares of Progressive from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $135.00 to $114.00 in a research note on Tuesday, July 25th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and a consensus target price of $142.21.

Progressive Stock Performance

NYSE:PGR opened at $138.79 on Monday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $81.24 billion, a price-to-earnings ratio of 47.51, a PEG ratio of 1.20 and a beta of 0.47. The firm’s fifty day simple moving average is $129.61 and its 200 day simple moving average is $133.57. The Progressive Co. has a twelve month low of $110.04 and a twelve month high of $149.87.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Thursday, July 13th. The insurance provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.38). The business had revenue of $15.23 billion for the quarter, compared to the consensus estimate of $15.24 billion. Progressive had a net margin of 3.12% and a return on equity of 12.02%. As a group, equities research analysts expect that The Progressive Co. will post 4.67 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Thursday, October 5th will be paid a $0.10 dividend. The ex-dividend date is Wednesday, October 4th. This represents a $0.40 annualized dividend and a yield of 0.29%. Progressive’s dividend payout ratio is presently 13.70%.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.