The Progressive Corporation (NYSE:PGR) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 2.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 492,298 shares of the insurance provider's stock after selling 11,777 shares during the quarter. New York State Teachers Retirement System owned 0.08% of Progressive worth $139,325,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PGR. Highline Wealth Partners LLC lifted its holdings in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares during the period. Minot DeBlois Advisors LLC acquired a new stake in Progressive in the fourth quarter valued at $28,000. HWG Holdings LP acquired a new stake in Progressive in the first quarter valued at $28,000. Atala Financial Inc acquired a new stake in Progressive in the fourth quarter valued at $32,000. Finally, Garde Capital Inc. acquired a new stake in Progressive in the first quarter valued at $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $263.85 on Monday. The company has a market cap of $154.68 billion, a P/E ratio of 17.79, a P/E/G ratio of 1.62 and a beta of 0.40. The business has a fifty day simple moving average of $274.46 and a 200-day simple moving average of $265.06. The Progressive Corporation has a 52 week low of $207.48 and a 52 week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Equities research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Activity

In other news, insider Steven Broz sold 1,267 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the completion of the transaction, the insider now owns 28,888 shares of the company's stock, valued at $8,025,375.28. This represents a 4.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Jo Murphy sold 4,000 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the transaction, the insider now directly owns 41,289 shares of the company's stock, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,705 shares of company stock valued at $8,813,048 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on PGR shares. Jefferies Financial Group reduced their target price on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Barclays boosted their price objective on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. Finally, Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a research report on Monday, April 28th. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Progressive currently has an average rating of "Moderate Buy" and a consensus price target of $288.88.

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.

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