The Progressive Co. (NYSE:PGR) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems decreased its stake in shares of The Progressive Co. (NYSE:PGR) by 0.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 44,136 shares of the insurance provider’s stock after selling 313 shares during the period. Kentucky Retirement Systems’ holdings in Progressive were worth $9,167,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Aviance Capital Partners LLC acquired a new stake in shares of Progressive during the 1st quarter worth $3,628,000. TCW Group Inc. acquired a new position in shares of Progressive in the 4th quarter valued at about $1,988,000. Brevan Howard Capital Management LP acquired a new position in shares of Progressive in the 4th quarter valued at about $3,090,000. Concurrent Investment Advisors LLC grew its holdings 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 during the period. Finally, Banque Cantonale Vaudoise increased its position in Progressive by 90.4% during the 1st quarter. Banque Cantonale Vaudoise now owns 21,056 shares of the insurance provider’s stock worth $4,354,000 after purchasing an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 0.3 %

PGR opened at $257.69 on Thursday. The stock has a market capitalization of $150.93 billion, a PE ratio of 26.38, a P/E/G ratio of 0.82 and a beta of 0.35. 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 Progressive Co. has a 12-month low of $137.59 and a 12-month high of $260.46. The firm’s fifty day moving average price is $232.38 and its 200 day moving average price is $216.31.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 earnings per share. As a group, research analysts expect that The Progressive Co. will post 12.29 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s payout ratio is 4.09%.

Insider Activity

In related news, insider Andrew J. Quigg sold 3,975 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the transaction, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,371 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Andrew J. Quigg sold 3,975 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $850,689.75. Following the completion of the sale, the insider now directly owns 32,780 shares in the company, valued at $7,015,247.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 146,704 shares of company stock worth $33,367,408. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PGR shares. Keefe, Bruyette & Woods boosted their price objective 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. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Morgan Stanley raised their price objective on Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday. The Goldman Sachs Group upped their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Piper Sandler raised their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Progressive Company 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.