Commonwealth of Pennsylvania Public School Empls Retrmt SYS Lowers Holdings in The Progressive Corporation $PGR

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its stake in shares of The Progressive Corporation (NYSE:PGR) by 3.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 136,399 shares of the insurance provider’s stock after selling 4,371 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Progressive were worth $31,061,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dagco Inc. bought a new stake in shares of Progressive during the fourth quarter valued at approximately $28,000. Ameriflex Group Inc. increased its position in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares in the last quarter. Entrust Financial LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $33,000. Kingdom Financial Group LLC. bought a new stake in shares of Progressive during the fourth quarter valued at approximately $34,000. Finally, Bangor Savings Bank increased its position in shares of Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 58 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the sale, the insider owned 32,348 shares of the company’s stock, valued at $6,857,776. The trade was a 9.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares of the company’s stock, valued at approximately $115,227. The trade was a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 3,928 shares of company stock valued at $831,251. Insiders own 0.32% of the company’s stock.

Progressive Trading Down 0.1%

NYSE:PGR opened at $190.27 on Monday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $289.96. The company has a market cap of $111.18 billion, a PE ratio of 9.67, a price-to-earnings-growth ratio of 5.52 and a beta of 0.28. The company has a 50 day simple moving average of $199.66 and a two-hundred day simple moving average of $209.68.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the previous year, the firm posted $4.37 EPS. The firm’s revenue was up 6.5% on a year-over-year basis. Research analysts forecast that The Progressive Corporation will post 16.36 earnings per share for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is 2.03%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PGR. Evercore reissued a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Progressive in a research report on Friday, May 22nd. Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. BMO Capital Markets reissued a “market perform” rating and set a $220.00 price target on shares of Progressive in a research report on Wednesday, May 20th. Finally, Barclays set a $247.00 target price on shares of Progressive in a research report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $238.11.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.