California State Teachers Retirement System decreased its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 3.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 905,790 shares of the insurance provider's stock after selling 27,971 shares during the quarter. California State Teachers Retirement System owned approximately 0.15% of Progressive worth $217,036,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock valued at $12,795,262,000 after acquiring an additional 583,376 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Progressive by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock valued at $3,498,363,000 after buying an additional 189,638 shares during the period. Norges Bank acquired a new stake in shares of Progressive during the 4th quarter worth approximately $1,843,045,000. Northern Trust Corp boosted its stake in Progressive by 13.0% during the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after buying an additional 710,684 shares in the last quarter. Finally, Capital Research Global Investors lifted its holdings in shares of Progressive by 34.3% during the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after acquiring an additional 1,547,677 shares during the period. Institutional investors own 85.34% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts recently commented on the company. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $288.00 price target on shares of Progressive in a research note on Thursday, April 17th. Wells Fargo & Company upped their target price on shares of Progressive from $320.00 to $324.00 and gave the stock an "overweight" rating in a report on Thursday, April 17th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a report on Tuesday, April 8th. BMO Capital Markets lifted their target price on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Finally, Roth Mkm lifted their price target on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $285.76.
Check Out Our Latest Research Report on Progressive
Insiders Place Their Bets
In related news, CFO John P. Sauerland sold 1,542 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $435,861.72. Following the transaction, the chief financial officer now owns 268,024 shares of the company's stock, valued at approximately $75,759,663.84. This trade represents a 0.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 4,669 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $279.70, for a total value of $1,305,919.30. Following the sale, the insider now directly owns 15,191 shares of the company's stock, valued at $4,248,922.70. This represents a 23.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,749 shares of company stock worth $11,786,613. 0.34% of the stock is currently owned by company insiders.
Progressive Price Performance
PGR stock opened at $265.11 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The firm has a market cap of $155.42 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 1.70 and a beta of 0.38. The company's fifty day simple moving average is $274.12 and its 200 day simple moving average is $258.36. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99.
Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The company had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. On average, analysts expect that The Progressive Co. will post 14.68 earnings per share for the current year.
Progressive Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.15%. The ex-dividend date was Thursday, April 3rd. Progressive's dividend payout ratio is presently 2.70%.
Progressive Profile
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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.
See Also
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGR - Free Report).
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