Canada Post Corp Registered Pension Plan Boosts Stock Position in The Progressive Corporation $PGR

Canada Post Corp Registered Pension Plan raised its holdings in The Progressive Corporation (NYSE:PGR) by 216.3% in the second quarter, Holdings Channel reports. The firm owned 46,922 shares of the insurance provider’s stock after purchasing an additional 32,087 shares during the period. Canada Post Corp Registered Pension Plan’s holdings in Progressive were worth $10,250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Klingman & Associates LLC raised its stake in shares of Progressive by 1.7% during the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after purchasing an additional 48 shares during the period. Revisor Wealth Management LLC grew its position in Progressive by 2.7% during the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after buying an additional 50 shares during the period. Pines Wealth Management LLC increased its holdings in Progressive by 3.9% during the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after buying an additional 52 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in Progressive by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after buying an additional 52 shares during the last quarter. Finally, Phillips Wealth Planners LLC raised its position in Progressive by 2.8% in the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider’s stock worth $436,000 after acquiring an additional 52 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

NYSE PGR opened at $208.84 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market cap of $121.42 billion, a PE ratio of 10.47, a price-to-earnings-growth ratio of 2.79 and a beta of 0.27. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The firm’s 50-day simple moving average is $214.25 and its two-hundred day simple moving average is $206.45.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is 2.01%.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 37,338 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the transaction, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at approximately $111,199,682.96. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares of the company’s stock, valued at $6,880,743.08. This represents a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 74,885 shares of company stock worth $15,880,459 in the last ninety days. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. BMO Capital Markets decreased their price target on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a research note on Thursday, July 16th. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $190.00 to $210.00 in a report on Friday, July 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. Finally, Mizuho set a $236.00 price objective on Progressive in a report on Wednesday, August 5th. Five equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus target price of $235.00.

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.