Oregon Public Employees Retirement Fund cut its stake in shares of The Progressive Co. (NYSE:PGR – Get Rating) by 0.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 119,126 shares of the insurance provider’s stock after selling 727 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Progressive were worth $13,579,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Joseph Group Capital Management purchased a new stake in shares of Progressive in the fourth quarter worth about $968,000. Rational Advisors LLC lifted its position in shares of Progressive by 132.7% in the fourth quarter. Rational Advisors LLC now owns 249 shares of the insurance provider’s stock worth $26,000 after buying an additional 142 shares in the last quarter. TAP Consulting LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $28,000. Cornerstone Advisory LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $30,000. Finally, Capital Advisors Ltd. LLC lifted its position in shares of Progressive by 117.5% in the fourth quarter. Capital Advisors Ltd. LLC now owns 298 shares of the insurance provider’s stock worth $31,000 after buying an additional 161 shares in the last quarter. Institutional investors own 83.68% of the company’s stock.
A number of equity research analysts recently commented on the company. Citigroup assumed coverage on Progressive in a research report on Monday, May 23rd. They issued a “sell” rating and a $93.00 target price on the stock. Wells Fargo & Company boosted their price objective on Progressive from $88.00 to $96.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 12th. Jefferies Financial Group raised Progressive from an “underperform” rating to a “hold” rating and boosted their price objective for the stock from $99.00 to $106.00 in a research note on Tuesday, May 10th. Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $85.00 to $115.00 in a research note on Monday, May 9th. Finally, StockNews.com started coverage on Progressive in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $107.23.
PGR opened at $118.48 on Friday. The stock has a market cap of $69.30 billion, a price-to-earnings ratio of 32.20, a P/E/G ratio of 1.49 and a beta of 0.49. The stock’s 50-day moving average price is $113.30 and its 200-day moving average price is $110.14. The Progressive Co. has a one year low of $89.35 and a one year high of $121.36. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.33 and a current ratio of 0.33.
Progressive (NYSE:PGR – Get Rating) last announced its quarterly earnings results on Thursday, April 14th. The insurance provider reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.12). The firm had revenue of $12.29 billion during the quarter, compared to analysts’ expectations of $12.24 billion. Progressive had a net margin of 4.54% and a return on equity of 12.85%. As a group, analysts predict that The Progressive Co. will post 4.54 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Investors of record on Thursday, July 7th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.34%. Progressive’s payout ratio is 10.87%.
Progressive declared that its board has approved a share repurchase plan on Wednesday, May 18th that allows the company to repurchase 25,000,000 outstanding shares. This repurchase authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
In related news, insider Steven Broz sold 1,068 shares of the company’s stock in a transaction on Monday, April 4th. The stock was sold at an average price of $115.00, for a total value of $122,820.00. Following the transaction, the insider now directly owns 32,388 shares of the company’s stock, valued at approximately $3,724,620. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Daniel P. Mascaro sold 558 shares of Progressive stock in a transaction dated Thursday, April 21st. The shares were sold at an average price of $113.59, for a total value of $63,383.22. Following the transaction, the insider now owns 39,445 shares of the company’s stock, valued at approximately $4,480,557.55. The disclosure for this sale can be found here. Insiders sold 23,251 shares of company stock valued at $2,719,357 in the last quarter. 0.37% of the stock is owned by company insiders.
Progressive Company Profile: (Get Rating)
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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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