Ilmarinen Mutual Pension Insurance Co Has $44.71 Million Stock Position in The Progressive Co. (NYSE:PGR)

Ilmarinen Mutual Pension Insurance Co lifted its position in shares of The Progressive Co. (NYSE:PGR) by 24.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 186,595 shares of the insurance provider’s stock after purchasing an additional 36,500 shares during the quarter. Ilmarinen Mutual Pension Insurance Co’s holdings in Progressive were worth $44,710,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in Progressive in the 3rd quarter valued at $49,000. Hilltop Holdings Inc. bought a new stake in Progressive in the third quarter valued at about $580,000. IHT Wealth Management LLC raised its position in Progressive by 55.3% in the third quarter. IHT Wealth Management LLC now owns 4,740 shares of the insurance provider’s stock worth $1,204,000 after purchasing an additional 1,687 shares in the last quarter. Morse Asset Management Inc bought a new position in Progressive during the third quarter worth about $55,000. Finally, Quarry LP boosted its holdings in Progressive by 112.2% during the third quarter. Quarry LP now owns 643 shares of the insurance provider’s stock valued at $163,000 after purchasing an additional 340 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other Progressive news, insider Andrew J. Quigg sold 962 shares of Progressive stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $234,044.98. Following the completion of the sale, the insider now owns 34,787 shares of the company’s stock, valued at approximately $8,463,329.23. The trade was a 2.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 585 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $142,324.65. Following the sale, the chief accounting officer now owns 3,983 shares of the company’s stock, valued at $969,024.07. The trade was a 12.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 56,317 shares of company stock worth $14,844,282 in the last quarter. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods increased their target price on Progressive from $294.00 to $300.00 and gave the stock an “outperform” rating in a report on Thursday, March 20th. Roth Mkm upped their price target on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Morgan Stanley lifted their price objective on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. JPMorgan Chase & Co. upped their target price on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Finally, Barclays increased their target price on shares of Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 13th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $280.29.

Progressive Stock Down 10.4 %

Shares of PGR opened at $257.27 on Friday. The business’s fifty day moving average price is $269.14 and its two-hundred day moving average price is $256.74. The firm has a market capitalization of $150.82 billion, a price-to-earnings ratio of 17.87, a PEG ratio of 1.70 and a beta of 0.38. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

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

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

About Progressive

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.