Canada Pension Plan Investment Board Has $124.29 Million Stake in The Progressive Co. (NYSE:PGR)

Canada Pension Plan Investment Board reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 26.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 598,368 shares of the insurance provider’s stock after selling 213,285 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.10% of Progressive worth $124,287,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Aviance Capital Partners LLC purchased a new position in shares of Progressive during the 1st quarter valued at $3,628,000. TCW Group Inc. purchased a new position in Progressive in the fourth quarter valued at about $1,988,000. Brevan Howard Capital Management LP acquired a new position in Progressive in the 4th quarter worth about $3,090,000. Concurrent Investment Advisors LLC raised its stake in shares of Progressive by 66.4% during the 1st quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after purchasing an additional 2,719 shares in the last quarter. Finally, Banque Cantonale Vaudoise lifted its holdings in shares of Progressive by 90.4% during the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock valued at $4,354,000 after buying an additional 10,000 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of Progressive stock opened at $259.23 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market cap of $151.82 billion, a PE ratio of 26.53, a price-to-earnings-growth ratio of 0.74 and a beta of 0.35. The firm has a fifty day moving average price of $234.16 and a two-hundred day moving average price of $217.06. The Progressive Co. has a fifty-two week low of $137.59 and a fifty-two week high of $260.46.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the company earned $0.57 earnings per share. The firm’s revenue was up 21.6% on a year-over-year basis. Analysts expect that The Progressive Co. will post 12.7 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive’s payout ratio is 4.09%.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $210.40, for a total value of $2,104,000.00. Following the sale, the chief financial officer now owns 302,958 shares of the company’s stock, valued at approximately $63,742,363.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Broz sold 3,050 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the sale, the insider now owns 32,453 shares in the company, valued at $6,808,963.93. The disclosure for this sale can be found here. Insiders sold a total of 146,704 shares of company stock valued at $33,367,408 over the last ninety days. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Keefe, Bruyette & Woods increased their price target on shares of Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 3rd. Barclays started coverage on shares of Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Finally, Morgan Stanley boosted their price target on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.18.

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.