Mcdonald Capital Investors Inc. CA Sells 22,839 Shares of The Progressive Corporation $PGR

Mcdonald Capital Investors Inc. CA decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 2.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 929,196 shares of the insurance provider’s stock after selling 22,839 shares during the period. Progressive comprises 15.6% of Mcdonald Capital Investors Inc. CA’s investment portfolio, making the stock its biggest position. Mcdonald Capital Investors Inc. CA owned approximately 0.16% of Progressive worth $247,965,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. TruNorth Capital Management LLC lifted its stake in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 63 shares in the last quarter. Ransom Advisory Ltd acquired a new position in Progressive during the 1st quarter worth about $35,000. Activest Wealth Management lifted its stake in Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 127 shares in the last quarter. Richardson Financial Services Inc. lifted its stake in Progressive by 1,885.7% during the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new position in Progressive during the 1st quarter worth about $39,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of analyst reports. Jefferies Financial Group reduced their price target on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research report on Monday, August 11th. Raymond James Financial cut their target price on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Morgan Stanley set a $214.00 price target on Progressive and gave the company an “underweight” rating in a research note on Monday, October 20th. Finally, Barclays cut their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Seven research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $270.40.

Progressive Stock Performance

Shares of NYSE PGR opened at $218.93 on Friday. The firm has a market cap of $128.34 billion, a P/E ratio of 12.01, a PEG ratio of 1.26 and a beta of 0.32. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The stock has a fifty day moving average price of $241.10 and a two-hundred day moving average price of $256.39. The Progressive Corporation has a 1 year low of $217.20 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period in the prior year, the business earned $3.58 earnings per share. Research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the sale, the insider directly owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 128,778 shares of company stock worth $31,683,756. 0.34% of the stock is owned by insiders.

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.