Healthcare of Ontario Pension Plan Trust Fund Sells 610,068 Shares of The Progressive Corporation $PGR

Healthcare of Ontario Pension Plan Trust Fund lowered its holdings in shares of The Progressive Corporation (NYSE:PGR) by 84.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 113,113 shares of the insurance provider’s stock after selling 610,068 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Progressive were worth $22,424,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Bard Associates Inc. bought a new stake in shares of Progressive during the fourth quarter worth $27,000. Bogart Wealth LLC boosted its stake in shares of Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares during the period. IFC & Insurance Marketing Inc. bought a new position in shares of Progressive in the fourth quarter worth about $29,000. HHM Wealth Advisors LLC grew its holdings in shares of Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new position in Progressive in the 4th quarter worth about $33,000. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, insider John Jo Murphy sold 5,916 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares in the company, valued at $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,230 shares of company stock valued at $3,165,817 over the last ninety days. 0.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PGR. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a report on Friday, May 22nd. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $190.00 to $210.00 in a research report on Friday. Mizuho lifted their price target on shares of Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. HSBC boosted their price target on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a report on Monday, July 6th. Finally, Bank of America reduced their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $236.11.

Progressive Trading Up 0.0%

NYSE PGR opened at $213.85 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The company has a market capitalization of $124.96 billion, a price-to-earnings ratio of 10.72, a price-to-earnings-growth ratio of 2.88 and a beta of 0.26. The company’s 50-day simple moving average is $209.88 and its two-hundred day simple moving average is $205.87. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

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.