New York State Common Retirement Fund Cuts Stock Holdings in The Progressive Co. (NYSE:PGR)

New York State Common Retirement Fund cut its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 9.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 868,712 shares of the insurance provider's stock after selling 95,862 shares during the quarter. New York State Common Retirement Fund owned about 0.15% of Progressive worth $138,368,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in PGR. PDS Planning Inc boosted its holdings in Progressive by 3.3% in the fourth quarter. PDS Planning Inc now owns 2,489 shares of the insurance provider's stock worth $396,000 after acquiring an additional 80 shares in the last quarter. Sage Mountain Advisors LLC bought a new stake in Progressive in the fourth quarter worth $230,000. Stock Yards Bank & Trust Co. boosted its holdings in Progressive by 230.7% in the fourth quarter. Stock Yards Bank & Trust Co. now owns 9,206 shares of the insurance provider's stock worth $1,466,000 after acquiring an additional 6,422 shares in the last quarter. Significant Wealth Partners LLC bought a new stake in Progressive in the fourth quarter worth $269,000. Finally, Duality Advisers LP bought a new stake in Progressive in the fourth quarter worth $4,485,000. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other news, insider Karen Bailo sold 8,464 shares of the company's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares of the company's stock, valued at $6,128,485.58. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Karen Bailo sold 8,464 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the transaction, the insider now directly owns 32,342 shares of the company's stock, valued at $6,128,485.58. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now directly owns 15,189 shares of the company's stock, valued at $2,889,859.14. The disclosure for this sale can be found here. Insiders sold a total of 39,139 shares of company stock valued at $7,458,139 over the last 90 days. Company insiders own 0.34% of the company's stock.

Analyst Ratings Changes

PGR has been the topic of a number of research analyst reports. Wells Fargo & Company upped their price target on Progressive from $232.00 to $238.00 and gave the company an "overweight" rating in a report on Thursday, April 11th. Roth Mkm upped their price target on Progressive from $215.00 to $235.00 and gave the company a "buy" rating in a report on Monday, March 18th. Keefe, Bruyette & Woods upped their price target on Progressive from $190.00 to $200.00 and gave the company a "market perform" rating in a report on Wednesday, April 10th. UBS Group upped their price target on Progressive from $216.00 to $218.00 and gave the company a "neutral" rating in a report on Wednesday, April 17th. Finally, The Goldman Sachs Group upped their price target on Progressive from $161.00 to $216.00 and gave the company a "neutral" rating in a report on Monday, March 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Progressive currently has a consensus rating of "Hold" and a consensus target price of $211.88.

Progressive Stock Performance

PGR traded up $1.02 during midday trading on Tuesday, reaching $214.02. The company had a trading volume of 2,575,786 shares, compared to its average volume of 2,619,870. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The business has a 50-day moving average of $200.53 and a two-hundred day moving average of $176.08. The company has a market cap of $125.35 billion, a P/E ratio of 21.80, a P/E/G ratio of 0.85 and a beta of 0.35. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $216.21.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts' consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analysts' expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business's quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.65 earnings per share. As a group, equities research analysts predict that The Progressive Co. will post 11.22 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive's dividend payout ratio (DPR) is 4.09%.

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.