The Progressive Co. (NYSE:PGR) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its position in shares of The Progressive Co. (NYSE:PGR) by 0.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 158,988 shares of the insurance provider’s stock after selling 500 shares during the quarter. State of Michigan Retirement System’s holdings in Progressive were worth $38,095,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Atlantic Edge Private Wealth Management LLC boosted its position in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares during the last quarter. LRI Investments LLC raised its holdings in Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after buying an additional 42 shares in the last quarter. SYM FINANCIAL Corp raised its holdings in 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 in the last quarter. Monument Capital Management raised its holdings in 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 in the last quarter. Finally, Washington Trust Bank raised its holdings in 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 in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Bank of America raised their target price on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Morgan Stanley raised their target price on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. JPMorgan Chase & Co. raised their target price on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Finally, Barclays lifted their price objective on Progressive from $261.00 to $264.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Progressive has an average rating of “Moderate Buy” and a consensus target price of $277.59.

Progressive Trading Up 1.0 %

Shares of PGR opened at $284.95 on Tuesday. The Progressive Co. has a 12-month low of $187.32 and a 12-month high of $285.28. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $166.93 billion, a price-to-earnings ratio of 19.79, a P/E/G ratio of 1.70 and a beta of 0.42. The stock’s 50-day moving average price is $251.13 and its 200 day moving average price is $251.57.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s payout ratio is 2.78%.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the sale, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at approximately $115,255,231.44. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the transaction, the insider now directly owns 33,612 shares in the company, valued at $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,361 shares of company stock valued at $14,102,075. 0.34% of the stock is currently owned by corporate insiders.

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.