Treasurer of the State of North Carolina Acquires 6,113 Shares of The Progressive Corporation $PGR

by · The Markets Daily

Treasurer of the State of North Carolina lifted its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 2.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 273,741 shares of the insurance provider’s stock after purchasing an additional 6,113 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Progressive were worth $73,051,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. New York Life Investment Management LLC lifted its position in shares of Progressive by 1.4% during the 2nd quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after buying an additional 1,192 shares during the period. Baron Silver Stevens Financial Advisors LLC acquired a new position in Progressive during the second quarter worth $306,000. Wakefield Asset Management LLLP lifted its holdings in shares of Progressive by 199.0% during the second quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock valued at $2,511,000 after acquiring an additional 6,263 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Progressive in the 2nd quarter valued at $13,583,000. Finally, Whalen Wealth Management Inc. acquired a new stake in shares of Progressive in the 2nd quarter valued at $647,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of Progressive stock opened at $230.42 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a 50 day simple moving average of $224.30 and a 200 day simple moving average of $243.26. The Progressive Corporation has a fifty-two week low of $199.90 and a fifty-two week high of $292.99. The firm has a market cap of $135.12 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.99 and a beta of 0.36.

Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the previous year, the business posted $3.58 earnings per share. Sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Friday, January 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.19%.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the sale, the insider owned 27,698 shares in the company, valued at $6,323,176.42. The trade was a 4.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 17,673 shares of company stock valued at $4,163,005. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. UBS Group cut their price target on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a report on Wednesday, October 8th. Bank of America dropped their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a report on Tuesday. Raymond James Financial reduced their target price on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research report on Monday. Finally, Morgan Stanley set a $214.00 price objective on Progressive and gave the company an “underweight” rating in a research report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus price target of $266.40.

Read Our Latest Research Report on PGR

About Progressive

(Free Report)

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.

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