Teacher Retirement System of Texas Has $58.61 Million Stock Holdings in The Progressive Corporation $PGR

Key Points

• Teacher Retirement System of Texas trimmed its stake in The Progressive Corporation by 6.4%, leaving it with 257,380 shares valued at about $58.61 million at the end of the quarter.
• M&T Bank Corp materially increased its position (up 1,363.8%) to 706,898 shares valued at roughly $160.98 million, and institutional investors now own about 85.34% of Progressive's stock.
• In the latest quarter Progressive reported $4.80 EPS (beating estimates) but missed revenue expectations at $22.19 billion; the company has a market cap of ~$118.5B, a P/E of 10.3, a 0.2% dividend yield, and a consensus analyst rating of Hold with a $238.39 target.

Teacher Retirement System of Texas cut its position in The Progressive Corporation (NYSE:PGR - Free Report) by 6.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 257,380 shares of the insurance provider's stock after selling 17,692 shares during the period. Teacher Retirement System of Texas' holdings in Progressive were worth $58,611,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Trail Ridge Investment Advisors LLC grew its stake in shares of Progressive by 6.4% in the 4th quarter. Trail Ridge Investment Advisors LLC now owns 3,134 shares of the insurance provider's stock valued at $714,000 after buying an additional 189 shares during the period. Retirement Planning Co of New England Inc. acquired a new stake in shares of Progressive in the 4th quarter valued at about $527,000. Mystic Asset Management Inc. grew its stake in shares of Progressive by 13.8% in the 4th quarter. Mystic Asset Management Inc. now owns 1,161 shares of the insurance provider's stock valued at $264,000 after buying an additional 141 shares during the period. M&T Bank Corp grew its stake in shares of Progressive by 1,363.8% in the 4th quarter. M&T Bank Corp now owns 706,898 shares of the insurance provider's stock valued at $160,975,000 after buying an additional 658,607 shares during the period. Finally, SageGuard Financial Group LLC acquired a new stake in shares of Progressive in the 4th quarter valued at about $13,134,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

Progressive stock opened at $202.54 on Thursday. The Progressive Corporation has a 52 week low of $192.02 and a 52 week high of $289.96. The company's 50 day moving average price is $203.46 and its two-hundred day moving average price is $213.83. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26. The stock has a market cap of $118.48 billion, a P/E ratio of 10.30, a P/E/G ratio of 6.85 and a beta of 0.34.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $23.51 billion. During the same quarter last year, the firm earned $4.37 EPS. The company's quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities analysts predict that The Progressive Corporation will post 16.37 earnings per share for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.03%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PGR. Wells Fargo & Company raised their target price on Progressive from $215.00 to $218.00 and gave the company an "equal weight" rating in a research note on Thursday, April 16th. Zacks Research upgraded Progressive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. JPMorgan Chase & Co. dropped their price target on shares of Progressive from $303.00 to $275.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 7th. Barclays set a $247.00 price target on shares of Progressive in a research report on Wednesday, March 18th. Finally, Morgan Stanley dropped their price target on shares of Progressive from $205.00 to $190.00 and set an "underweight" rating on the stock in a research report on Tuesday, March 31st. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Progressive presently has an average rating of "Hold" and a consensus price target of $238.39.

Insider Activity

In other Progressive news, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider owned 32,348 shares of the company's stock, valued at $6,857,776. This trade represents a 9.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,933 shares of company stock worth $1,441,564 in the last quarter. 0.32% of the stock is owned by corporate insiders.

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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