The Progressive Co. (NYSE:PGR) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its stake in The Progressive Co. (NYSE:PGR) by 2.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 128,937 shares of the insurance provider’s stock after selling 3,412 shares during the quarter. Retirement Systems of Alabama’s holdings in Progressive were worth $20,537,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PGR. Valley National Advisers Inc. increased its stake in shares of Progressive by 143.6% in the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 112 shares during the last quarter. Arlington Trust Co LLC acquired a new stake in Progressive during the third quarter worth about $36,000. Pinnacle Bancorp Inc. purchased a new position in Progressive during the fourth quarter worth about $39,000. Criterion Capital Advisors LLC acquired a new position in Progressive in the 4th quarter valued at about $47,000. Finally, BOK Financial Private Wealth Inc. purchased a new stake in shares of Progressive in the 4th quarter valued at approximately $48,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.7 %

Progressive stock opened at $206.67 on Tuesday. The stock has a market capitalization of $121.05 billion, a price-to-earnings ratio of 21.15, a PEG ratio of 0.82 and a beta of 0.35. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The stock has a 50 day moving average of $202.80 and a two-hundred day moving average of $178.44. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $216.21.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the previous year, the business posted $0.65 earnings per share. The business’s revenue was up 17.7% compared to the same quarter last year. As a group, research analysts expect that The Progressive Co. will post 11.34 earnings per share for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insider Buying and Selling

In related news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the completion of the transaction, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 39,139 shares of company stock valued at $7,458,139. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of several recent analyst reports. Wells Fargo & Company upped their price objective on shares of Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. boosted their price objective on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Roth Mkm raised their target price on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 18th. TD Cowen began coverage on shares of Progressive in a research note on Wednesday, January 10th. They set a “market perform” rating and a $174.00 price target on the stock. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $211.88.

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.