M&T Bank Corp Has $14.99 Million Stake in The Progressive Co. (NYSE:PGR)

M&T Bank Corp decreased its position in shares of The Progressive Co. (NYSE:PGR) by 4.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,577 shares of the insurance provider’s stock after selling 2,746 shares during the period. M&T Bank Corp’s holdings in Progressive were worth $14,994,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Atlantic Edge Private Wealth Management LLC lifted its position in Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 41 shares during the last quarter. LRI Investments LLC lifted its position in Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 42 shares during the last quarter. SYM FINANCIAL Corp raised its position in shares of Progressive by 2.8% during the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after buying an additional 44 shares during the last quarter. Monument Capital Management raised its position in shares of Progressive by 0.3% during the fourth quarter. Monument Capital Management now owns 13,762 shares of the insurance provider’s stock valued at $3,298,000 after buying an additional 44 shares during the last quarter. Finally, Washington Trust Bank raised its position in shares of Progressive by 4.6% during the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after buying an additional 45 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $2,194,878.60. Following the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at $114,691,485.60. This represents a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the sale, the chief financial officer now directly owns 282,958 shares in the company, valued at $67,530,756.28. This trade represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $14,102,075 over the last three months. 0.34% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PGR shares. Roth Mkm upped their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Evercore ISI upped their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Keefe, Bruyette & Woods cut their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, February 25th. Finally, HSBC lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a research report on Tuesday, December 10th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $277.59.

Progressive Price Performance

Shares of Progressive stock opened at $281.84 on Thursday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $165.11 billion, a price-to-earnings ratio of 19.57, a P/E/G ratio of 1.70 and a beta of 0.42. The Progressive Co. has a 1-year low of $191.00 and a 1-year high of $287.49. The firm’s 50-day moving average price is $252.70 and its two-hundred day moving average price is $252.11.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Progressive 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.