M&T Bank Corp Raises Holdings in The Progressive Corporation $PGR

M&T Bank Corp increased its position in The Progressive Corporation (NYSE:PGR) by 21.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 58,647 shares of the insurance provider’s stock after buying an additional 10,356 shares during the quarter. M&T Bank Corp’s holdings in Progressive were worth $13,355,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Illinois Municipal Retirement Fund grew its holdings in Progressive by 30.2% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock valued at $25,381,000 after buying an additional 23,833 shares during the last quarter. Allstate Corp grew its holdings in Progressive by 1,614.1% in the 3rd quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock valued at $5,334,000 after buying an additional 20,338 shares during the last quarter. Gateway Investment Advisers LLC grew its holdings in Progressive by 91.7% in the 3rd quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock valued at $2,892,000 after buying an additional 5,600 shares during the last quarter. Arkadios Wealth Advisors grew its holdings in Progressive by 471.3% in the 3rd quarter. Arkadios Wealth Advisors now owns 22,496 shares of the insurance provider’s stock valued at $5,556,000 after buying an additional 18,558 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its holdings in Progressive by 32.4% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 67,056 shares of the insurance provider’s stock valued at $16,559,000 after buying an additional 16,398 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PGR shares. Bank of America raised their target price on Progressive from $295.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Piper Sandler reaffirmed an “overweight” rating and issued a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Wells Fargo & Company lifted their price objective on Progressive from $215.00 to $218.00 and gave the stock an “equal weight” rating in a report on Thursday, April 16th. Finally, Citigroup decreased their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $238.39.

Insider Buying and Selling

In other Progressive news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. The trade was a 7.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 6,933 shares of company stock worth $1,441,564 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $199.49 on Tuesday. The Progressive Corporation has a 1-year low of $192.02 and a 1-year high of $289.96. The firm has a market capitalization of $116.69 billion, a PE ratio of 10.14, a PEG ratio of 6.58 and a beta of 0.31. The business’s 50 day moving average is $203.18 and its 200-day moving average is $212.01. The company has a current ratio of 0.33, a quick ratio of 0.35 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.Progressive’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.37 EPS. Sell-side analysts predict that The Progressive Corporation will post 16.38 earnings per share for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Thursday, April 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is 2.03%.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.