Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $28.19 Million Stock Holdings in The Progressive Corporation $PGR

Key Points

• Commonwealth of Pennsylvania Public School Employees’ Retirement System reduced its Progressive stake by 5.5% in the second quarter, selling 7,464 shares. It still held 129,064 shares valued at approximately $28.19 million.
• Progressive reported quarterly EPS of $5.67, exceeding analyst expectations of $4.64, while revenue reached $23.61 billion versus the $19.49 billion consensus estimate. Revenue increased 5% year over year, with a 12.84% net margin and 32.92% return on equity.
• The company declared a quarterly dividend of $0.10 per share, equivalent to a 0.2% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $235 compared with the stock’s reported price of $209.48.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 5.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 129,064 shares of the insurance provider's stock after selling 7,464 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Progressive were worth $28,194,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its stake in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock worth $12,584,067,000 after purchasing an additional 593,612 shares in the last quarter. State Street Corp raised its position in shares of Progressive by 0.3% in the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock valued at $6,373,474,000 after buying an additional 78,374 shares in the last quarter. Capital International Investors boosted its stake in shares of Progressive by 8.9% in the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider's stock valued at $3,398,123,000 after buying an additional 1,217,527 shares during the period. GQG Partners LLC boosted its stake in shares of Progressive by 11.7% in the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider's stock valued at $2,375,706,000 after buying an additional 1,092,151 shares during the period. Finally, Norges Bank bought a new position in shares of Progressive in the fourth quarter worth $1,836,094,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Up 0.3%

NYSE:PGR opened at $209.48 on Friday. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market cap of $121.79 billion, a PE ratio of 10.51, a P/E/G ratio of 2.81 and a beta of 0.27. The firm's 50 day simple moving average is $214.36 and its 200 day simple moving average is $206.47.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to analysts' expectations of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company's revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the company posted $5.40 EPS. On average, research analysts anticipate that The Progressive Corporation will post 17.57 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive's dividend payout ratio (DPR) is currently 2.01%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the company's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the sale, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the company's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock worth $15,880,459 over the last 90 days. Company insiders own 0.32% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on PGR. Morgan Stanley raised shares of Progressive from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. Weiss Ratings restated a "hold (c)" rating on shares of Progressive in a research report on Monday, August 3rd. William Blair reaffirmed a "market perform" rating on shares of Progressive in a report on Wednesday, July 15th. JPMorgan Chase & Co. dropped their price objective on Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a research report on Tuesday, August 4th. Finally, Bank of America lowered their target price on Progressive from $313.00 to $308.00 and set a "buy" rating for the company in a research note on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $235.00.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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