State of Alaska Department of Revenue Acquires 4,345 Shares of The Progressive Co. (NYSE:PGR)

State of Alaska Department of Revenue boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 6.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 68,034 shares of the insurance provider’s stock after buying an additional 4,345 shares during the quarter. State of Alaska Department of Revenue’s holdings in Progressive were worth $17,264,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PGR. Aviance Capital Partners LLC bought a new position in shares of Progressive during the 1st quarter valued at approximately $3,628,000. Concurrent Investment Advisors LLC lifted its stake in Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after purchasing an additional 2,719 shares during the last quarter. Diversified Trust Co grew its holdings in Progressive by 84.3% during the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after purchasing an additional 11,770 shares during the period. Councilmark Asset Management LLC purchased a new stake in Progressive in the first quarter worth $1,890,000. Finally, Sycomore Asset Management raised its stake in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after buying an additional 2,450 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PGR. Roth Mkm increased their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Bank of America lifted their target price on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Evercore ISI upped their price target on shares of Progressive from $243.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Piper Sandler raised their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Finally, HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. Six equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $263.19.

Progressive Stock Down 1.3 %

Shares of NYSE PGR opened at $243.78 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average of $250.50 and a 200-day moving average of $225.48. The firm has a market capitalization of $142.77 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 0.68 and a beta of 0.35. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $260.46.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio is presently 2.91%.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the transaction, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progressive news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock valued at $18,674,912 in the last quarter. Insiders own 0.34% of the company’s stock.

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.