Louisiana State Employees Retirement System grew its holdings in Progressive Corp (NYSE:PGR) by 0.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,800 shares of the insurance provider’s stock after purchasing an additional 200 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Progressive were worth $2,220,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in PGR. Oregon Public Employees Retirement Fund lifted its stake in shares of Progressive by 4,886.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock valued at $161,000 after purchasing an additional 9,515,013 shares during the period. Norges Bank acquired a new position in shares of Progressive in the 4th quarter valued at about $346,597,000. Eaton Vance Management lifted its stake in shares of Progressive by 84.5% in the 4th quarter. Eaton Vance Management now owns 2,444,668 shares of the insurance provider’s stock valued at $147,486,000 after purchasing an additional 1,119,423 shares during the period. Hexavest Inc. acquired a new position in shares of Progressive in the 4th quarter valued at about $62,136,000. Finally, Bank of Montreal Can lifted its stake in shares of Progressive by 35.1% in the 4th quarter. Bank of Montreal Can now owns 3,273,063 shares of the insurance provider’s stock valued at $197,463,000 after purchasing an additional 850,970 shares during the period. 80.57% of the stock is currently owned by institutional investors.
PGR stock opened at $72.26 on Tuesday. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $73.78. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market cap of $42.40 billion, a P/E ratio of 16.35, a PEG ratio of 1.95 and a beta of 0.78.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.57). Progressive had a return on equity of 24.83% and a net margin of 8.16%. The firm had revenue of $7.94 billion for the quarter, compared to analyst estimates of $7.86 billion. During the same period last year, the company posted $0.98 earnings per share. The firm’s quarterly revenue was up 17.6% compared to the same quarter last year. On average, equities research analysts forecast that Progressive Corp will post 5.07 earnings per share for the current year.
The company also recently declared an annual dividend, which was paid on Monday, April 15th. Investors of record on Friday, April 5th were paid a dividend of $0.10 per share. This represents a yield of 0.14%. The ex-dividend date was Thursday, April 4th. Progressive’s dividend payout ratio (DPR) is currently 59.05%.
A number of research analysts have recently issued reports on PGR shares. Wells Fargo & Co reissued a “hold” rating and issued a $73.00 price objective on shares of Progressive in a research note on Wednesday, March 13th. Credit Suisse Group reaffirmed a “buy” rating and set a $73.00 price target on shares of Progressive in a research note on Thursday, January 3rd. Barclays raised Progressive from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $67.00 to $73.00 in a research note on Wednesday, January 9th. Citigroup upped their price target on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, February 14th. Finally, Zacks Investment Research downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Tuesday, December 18th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $73.43.
In other Progressive news, insider M Jeffrey Charney sold 18,000 shares of the business’s stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $66.58, for a total transaction of $1,198,440.00. Following the completion of the sale, the insider now directly owns 145,304 shares of the company’s stock, valued at approximately $9,674,340.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $72.65, for a total value of $871,800.00. Following the sale, the chief financial officer now directly owns 371,815 shares of the company’s stock, valued at $27,012,359.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 114,100 shares of company stock worth $7,722,825. 0.39% of the stock is owned by company insiders.
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Progressive Company Profile
Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.
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