State of New Jersey Common Pension Fund D Lowers Stock Holdings in The Progressive Corporation $PGR

State of New Jersey Common Pension Fund D cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 202,421 shares of the insurance provider’s stock after selling 4,121 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Progressive were worth $46,095,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC raised its holdings in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in Progressive during the 4th quarter worth about $269,000. Bison Wealth LLC increased its position in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the period. HUB Investment Partners LLC raised its holdings in shares of Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its holdings in shares of Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after purchasing an additional 1,622 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $198.28 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.35 and a current ratio of 0.33. The stock has a 50-day moving average of $203.18 and a two-hundred day moving average of $212.45. The stock has a market cap of $115.98 billion, a P/E ratio of 10.10, a P/E/G ratio of 6.66 and a beta of 0.34. The Progressive Corporation has a one year low of $192.02 and a one year high of $289.96.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period last year, the business posted $4.37 earnings per share. As a group, research analysts predict that The Progressive Corporation will post 16.38 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, April 2nd. Progressive’s dividend payout ratio is 2.03%.

Insider Buying and Selling at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. The trade was a 32.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total value of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,933 shares of company stock worth $1,441,564 over the last ninety days. 0.32% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Jefferies Financial Group reduced their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. Wells Fargo & Company lifted their price target on Progressive from $215.00 to $218.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. BMO Capital Markets upped their price objective on Progressive from $208.00 to $221.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Argus raised Progressive to a “hold” rating in a research report on Thursday, March 5th. Finally, Mizuho reduced their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a report on Friday, March 20th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus target price of $238.39.

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.