California State Teachers Retirement System decreased its stake in Progressive Corp (NYSE:PGR) by 1.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 973,006 shares of the insurance provider’s stock after selling 11,268 shares during the period. California State Teachers Retirement System owned about 0.17% of Progressive worth $54,800,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Exane Derivatives bought a new position in shares of Progressive in the 4th quarter worth $104,000. First Personal Financial Services increased its holdings in shares of Progressive by 101.8% in the 4th quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock worth $124,000 after buying an additional 1,111 shares during the last quarter. Balentine LLC increased its holdings in shares of Progressive by 3,273.0% in the 3rd quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock worth $121,000 after buying an additional 2,422 shares during the last quarter. MUFG Americas Holdings Corp increased its holdings in shares of Progressive by 824.9% in the 4th quarter. MUFG Americas Holdings Corp now owns 3,561 shares of the insurance provider’s stock worth $201,000 after buying an additional 3,176 shares during the last quarter. Finally, Prentiss Smith & Co. Inc. bought a new position in shares of Progressive in the 4th quarter worth $205,000. 81.11% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Wells Fargo & Co set a $57.00 target price on shares of Progressive and gave the company a “hold” rating in a report on Thursday, March 1st. MKM Partners increased their target price on shares of Progressive from $55.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, January 25th. UBS Group increased their target price on shares of Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Finally, Credit Suisse Group reaffirmed a “hold” rating and set a $48.00 target price on shares of Progressive in a report on Friday, December 15th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $50.65.
Shares of Progressive Corp (NYSE:PGR) opened at $60.01 on Wednesday. The stock has a market cap of $35,152.00, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 2.34 and a beta of 0.71. Progressive Corp has a twelve month low of $38.61 and a twelve month high of $60.69. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.43 and a quick ratio of 0.43.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. The business had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.62 billion. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The company’s revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 EPS. equities analysts expect that Progressive Corp will post 3.52 earnings per share for the current year.
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The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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