Retirement Systems of Alabama lifted its stake in shares of The Progressive Co. (NYSE:PGR – Get Rating) by 67.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 325,329 shares of the insurance provider’s stock after acquiring an additional 131,469 shares during the quarter. Retirement Systems of Alabama owned about 0.06% of Progressive worth $37,084,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of PGR. Xponance Inc. lifted its position in Progressive by 5.0% during the 1st quarter. Xponance Inc. now owns 42,192 shares of the insurance provider’s stock worth $4,809,000 after acquiring an additional 2,027 shares during the last quarter. Denali Advisors LLC increased its position in shares of Progressive by 12.0% during the first quarter. Denali Advisors LLC now owns 5,600 shares of the insurance provider’s stock worth $638,000 after acquiring an additional 600 shares in the last quarter. Prosperity Consulting Group LLC raised its stake in Progressive by 1.7% in the first quarter. Prosperity Consulting Group LLC now owns 6,677 shares of the insurance provider’s stock valued at $761,000 after acquiring an additional 111 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Progressive by 0.6% during the 1st quarter. Fifth Third Bancorp now owns 97,262 shares of the insurance provider’s stock worth $11,087,000 after buying an additional 547 shares during the last quarter. Finally, Polaris Wealth Advisory Group LLC increased its position in Progressive by 0.3% during the first quarter. Polaris Wealth Advisory Group LLC now owns 81,605 shares of the insurance provider’s stock worth $9,754,000 after acquiring an additional 224 shares during the period. Hedge funds and other institutional investors own 83.68% of the company’s stock.
Shares of NYSE:PGR opened at $116.27 on Friday. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.39. The Progressive Co. has a 12-month low of $89.35 and a 12-month high of $121.36. The firm has a fifty day moving average of $113.09 and a two hundred day moving average of $109.93. The firm has a market capitalization of $68.00 billion, a P/E ratio of 31.60, a price-to-earnings-growth ratio of 1.45 and a beta of 0.49.
Progressive (NYSE:PGR – Get Rating) last posted its earnings results on Thursday, April 14th. The insurance provider reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.24 by ($0.12). The business had revenue of $12.29 billion during the quarter, compared to the consensus estimate of $12.24 billion. Progressive had a net margin of 4.54% and a return on equity of 12.85%. Equities research analysts expect that The Progressive Co. will post 4.54 earnings per share for the current fiscal year.
Progressive announced that its board has approved a stock repurchase program on Wednesday, May 18th that allows the company to buy back 25,000,000 outstanding shares. This buyback authorization allows the insurance provider to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Thursday, July 7th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Wednesday, July 6th. Progressive’s dividend payout ratio is 10.87%.
In other Progressive news, insider Daniel P. Mascaro sold 558 shares of the firm’s 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 directly owns 39,445 shares of the company’s stock, valued at approximately $4,480,557.55. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeffrey D. Kelly sold 10,000 shares of Progressive stock in a transaction that occurred on Thursday, April 7th. The shares were sold at an average price of $120.00, for a total transaction of $1,200,000.00. Following the sale, the director now directly owns 48,720 shares in the company, valued at $5,846,400. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,251 shares of company stock valued at $2,719,357. 0.33% of the stock is owned by insiders.
A number of equity analysts recently weighed in on the stock. Credit Suisse Group initiated coverage on shares of Progressive in a report on Thursday, April 28th. They issued a “neutral” rating and a $124.00 price target on the stock. Citigroup started coverage on Progressive in a report on Monday, May 23rd. They set a “sell” rating and a $93.00 price target for the company. Keefe, Bruyette & Woods upgraded Progressive from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $96.00 to $107.00 in a research note on Thursday, June 23rd. Wells Fargo & Company boosted their price target on Progressive from $88.00 to $96.00 and gave the stock an “underweight” rating in a report on Tuesday, April 12th. Finally, Raymond James raised their price objective on Progressive from $125.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, March 18th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Progressive currently has an average rating of “Hold” and an average target price of $107.23.
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.
Further Reading:
Receive News & Ratings for Progressive Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Progressive and related companies with MarketBeat.com’s FREE daily email newsletter.
.