Mackenzie Financial Corp Lowers Holdings in The Progressive Co. (NYSE:PGR)

Mackenzie Financial Corp reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 18.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,131,712 shares of the insurance provider’s stock after selling 259,908 shares during the quarter. Mackenzie Financial Corp owned approximately 0.19% of Progressive worth $180,259,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Invesco LLC lifted its stake in shares of Progressive by 2.0% during the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after purchasing an additional 70 shares during the last quarter. Mcdonald Capital Investors Inc. CA lifted its stake in shares of Progressive by 0.9% during the 4th quarter. Mcdonald Capital Investors Inc. CA now owns 1,388,686 shares of the insurance provider’s stock worth $221,190,000 after purchasing an additional 11,765 shares during the last quarter. Cullen Investment Group LTD. purchased a new stake in shares of Progressive during the 4th quarter worth $1,546,000. BOK Financial Private Wealth Inc. purchased a new stake in shares of Progressive during the 4th quarter worth $48,000. Finally, MBM Wealth Consultants LLC lifted its stake in shares of Progressive by 223.4% during the 4th quarter. MBM Wealth Consultants LLC now owns 5,982 shares of the insurance provider’s stock worth $953,000 after purchasing an additional 4,132 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PGR. Jefferies Financial Group upped their price objective on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research note on Monday. Roth Mkm upped their target price on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. JPMorgan Chase & Co. upped their target price on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Bank of America reduced their target price on Progressive from $265.00 to $264.00 and set a “buy” rating on the stock in a research report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $208.31.

Progressive Stock Up 1.3 %

Shares of PGR stock opened at $206.59 on Tuesday. The stock’s 50-day simple moving average is $197.64 and its 200-day simple moving average is $173.59. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.31 and a current ratio of 0.36. The firm has a market capitalization of $121.00 billion, a PE ratio of 21.15, a P/E/G ratio of 0.86 and a beta of 0.35. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $212.24.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company’s revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.65 earnings per share. Equities analysts expect that The Progressive Co. will post 10.5 earnings per share for the current year.

Progressive Announces Dividend

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

Insider Buying and Selling

In related news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was 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 $6,128,485.58. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 5,939 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the transaction, the chief executive officer now owns 465,737 shares in the company, valued at $78,821,329.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders have sold a total of 44,629 shares of company stock valued at $8,348,176 over the last ninety days. Company insiders own 0.34% of the company’s stock.

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.