Teachers Retirement System of The State of Kentucky Purchases 17,847 Shares of The Progressive Corporation (NYSE:PGR)

Teachers Retirement System of The State of Kentucky boosted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 5.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 332,780 shares of the insurance provider's stock after acquiring an additional 17,847 shares during the period. Progressive comprises about 0.8% of Teachers Retirement System of The State of Kentucky's investment portfolio, making the stock its 12th biggest holding. Teachers Retirement System of The State of Kentucky owned about 0.06% of Progressive worth $94,180,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. J.W. Cole Advisors Inc. lifted its position in Progressive by 218.1% in the 1st quarter. J.W. Cole Advisors Inc. now owns 3,350 shares of the insurance provider's stock valued at $948,000 after purchasing an additional 2,297 shares during the last quarter. Twin Capital Management Inc. bought a new stake in shares of Progressive during the first quarter valued at approximately $984,000. OneAscent Financial Services LLC raised its stake in Progressive by 97.4% during the 1st quarter. OneAscent Financial Services LLC now owns 6,302 shares of the insurance provider's stock valued at $1,786,000 after acquiring an additional 3,110 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC raised its stake in shares of Progressive by 299.2% during the first quarter. Mowery & Schoenfeld Wealth Management LLC now owns 942 shares of the insurance provider's stock valued at $267,000 after purchasing an additional 706 shares in the last quarter. Finally, Elyxium Wealth LLC bought a new stake in shares of Progressive during the first quarter valued at about $345,000. Institutional investors own 85.34% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PGR. Jefferies Financial Group cut their target price on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Barclays cut their price target on shares of Progressive from $297.00 to $287.00 and set an "equal weight" rating on the stock in a report on Monday, July 7th. Keefe, Bruyette & Woods cut their price target on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a report on Thursday. Evercore ISI downgraded shares of Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price on the stock. in a research note on Thursday. Finally, Morgan Stanley cut their target price on shares of Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $287.63.

Progressive Stock Down 0.3%

Progressive stock traded down $0.79 during mid-day trading on Friday, hitting $246.48. 2,966,465 shares of the company's stock were exchanged, compared to its average volume of 2,837,227. The company has a current ratio of 0.34, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21. The stock has a market cap of $144.49 billion, a P/E ratio of 13.89, a P/E/G ratio of 1.50 and a beta of 0.37. The Progressive Corporation has a 1-year low of $208.13 and a 1-year high of $292.99. The stock has a 50 day moving average of $267.67 and a two-hundred day moving average of $265.91.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The business had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the prior year, the firm posted $2.48 EPS. The firm's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 0.15%. Progressive's payout ratio is presently 2.25%.

Insiders Place Their Bets

In other news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total value of $2,753,700.00. Following the sale, the chief financial officer directly owned 238,024 shares of the company's stock, valued at approximately $65,544,668.88. This trade represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dyke Kahina Van sold 2,490 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the sale, the director directly owned 12,429 shares in the company, valued at $3,451,160.43. This trade represents a 16.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock worth $11,450,948 in the last ninety days. 0.33% of the stock is owned by insiders.

Progressive 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.