Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 3.1% in the fourth quarter, HoldingsChannel reports. The fund owned 136,399 shares of the insurance provider’s stock after selling 4,371 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Progressive were worth $31,061,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently modified their holdings of the business. Klingman & Associates LLC grew its position 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 valued at $667,000 after acquiring an additional 48 shares during the period. Wealthstream Advisors Inc. grew its position in shares of Progressive by 4.6% during the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after acquiring an additional 49 shares during the period. Revisor Wealth Management LLC lifted its stake in shares of Progressive by 2.7% during the 4th 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 in the last quarter. Cullen Investment Group LTD. lifted its stake in shares of Progressive by 0.7% during the 4th quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after buying an additional 52 shares in the last quarter. Finally, Pines Wealth Management LLC lifted its stake in shares of Progressive by 3.9% during the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after buying an additional 52 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.
Analyst Ratings Changes
PGR has been the topic of a number of analyst reports. Barclays set a $247.00 target price on shares of Progressive in a research note on Wednesday, March 18th. Argus upgraded shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. The Goldman Sachs Group restated a “buy” rating and set a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research note on Friday, May 22nd. Finally, Piper Sandler restated an “overweight” rating and set a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus target price of $238.11.
Insider Buying and Selling at Progressive
In other Progressive news, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider owned 32,348 shares in the company, valued at $6,857,776. The trade was a 9.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, 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 SEC filing for this sale provides additional information. In the last quarter, insiders sold 3,928 shares of company stock worth $831,251. Corporate insiders own 0.32% of the company’s stock.
Progressive Stock Down 0.1%
Shares of PGR stock opened at $190.27 on Monday. The stock has a market cap of $111.18 billion, a P/E ratio of 9.67, a PEG ratio of 5.52 and a beta of 0.28. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $289.96. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The company’s fifty day simple moving average is $199.66 and its two-hundred day simple moving average is $209.68.
Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.37 EPS. Analysts predict that The Progressive Corporation will post 16.36 EPS for the current fiscal year.
Progressive Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is presently 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.
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