Public Sector Pension Investment Board Has $20.62 Million Stock Position in The Progressive Co. (NYSE:PGR)

Public Sector Pension Investment Board boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 7.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 99,291 shares of the insurance provider’s stock after acquiring an additional 7,275 shares during the quarter. Public Sector Pension Investment Board’s holdings in Progressive were worth $20,624,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. 1832 Asset Management L.P. grew its position in Progressive by 237.8% during the fourth quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock valued at $236,650,000 after purchasing an additional 1,045,883 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Progressive by 4,545.0% during the 1st quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock valued at $145,858,000 after acquiring an additional 690,060 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Progressive by 548.2% in the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after acquiring an additional 686,433 shares during the last quarter. Capital International Investors raised its holdings in shares of Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after acquiring an additional 670,006 shares in the last quarter. Finally, Swedbank AB acquired a new stake in Progressive during the first quarter valued at $116,852,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PGR shares. The Goldman Sachs Group lifted their price target on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Piper Sandler boosted their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Morgan Stanley lifted their price objective on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. Jefferies Financial Group increased their target price on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, Barclays assumed coverage on Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target for the company. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $257.18.

Progressive Price Performance

Shares of NYSE:PGR opened at $259.24 on Monday. The firm has a market capitalization of $151.84 billion, a PE ratio of 26.53, a PEG ratio of 0.74 and a beta of 0.35. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 1-year low of $137.59 and a 1-year high of $260.46. The business’s 50 day moving average is $234.16 and its 200-day moving average is $217.40.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) 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 firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter in the previous year, the firm posted $0.57 EPS. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. Sell-side analysts predict that The Progressive Co. will post 12.7 earnings per share for the current year.

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the company’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 directly owns 302,958 shares in the company, valued at $63,742,363.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the completion of the transaction, the chief executive officer now owns 517,105 shares in the company, valued at approximately $110,665,641.05. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the 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 in the company, valued at approximately $63,742,363.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 143,654 shares of company stock valued at $32,727,488. Corporate insiders own 0.34% of the company’s stock.

About Progressive

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.