Teza Capital Management LLC Purchases New Shares in The Progressive Co. (NYSE:PGR)

Teza Capital Management LLC acquired a new position in The Progressive Co. (NYSE:PGR - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 6,859 shares of the insurance provider's stock, valued at approximately $1,643,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Progressive in the 4th quarter worth about $1,843,045,000. GQG Partners LLC grew its stake in Progressive by 67.6% in the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock valued at $1,239,143,000 after acquiring an additional 2,085,833 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Progressive during the fourth quarter valued at approximately $408,416,000. Capital Research Global Investors raised its position in shares of Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Progressive by 13.0% in the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after purchasing an additional 710,684 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Shares of Progressive stock traded down $4.10 during trading on Thursday, hitting $276.90. The stock had a trading volume of 2,505,671 shares, compared to its average volume of 2,640,792. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The firm has a market cap of $162.33 billion, a price-to-earnings ratio of 19.23, a P/E/G ratio of 1.70 and a beta of 0.40. The business's 50-day moving average is $275.62 and its 200 day moving average is $262.42.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. As a group, sell-side analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Progressive's payout ratio is 2.70%.

Analyst Ratings Changes

PGR has been the subject of a number of recent research reports. Morgan Stanley boosted their price target on shares of Progressive from $320.00 to $330.00 and gave the company an "overweight" rating in a research note on Monday. UBS Group upped their price objective on Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a research note on Friday, March 14th. Barclays raised their target price on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research report on Friday, April 11th. BMO Capital Markets increased their price target on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Finally, Roth Mkm boosted their target price on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $288.24.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $279.94, for a total transaction of $2,799,400.00. Following the completion of the sale, the chief financial officer now owns 269,566 shares of the company's stock, valued at $75,462,306.04. This represents a 3.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Patrick K. Callahan sold 4,669 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the completion of the sale, the insider now directly owns 15,191 shares in the company, valued at approximately $4,248,922.70. This trade represents a 23.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,894 shares of company stock worth $11,020,097 over the last three months. Company insiders own 0.34% of the company's stock.

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.