Employees Retirement System of Texas Acquires 73,000 Shares of Progressive Corp (NYSE:PGR)

Employees Retirement System of Texas increased its stake in Progressive Corp (NYSE:PGR) by 132.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 128,000 shares of the insurance provider’s stock after purchasing an additional 73,000 shares during the quarter. Employees Retirement System of Texas’ holdings in Progressive were worth $7,209,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PGR. Artisan Partners Limited Partnership raised its holdings in shares of Progressive by 23.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock worth $694,793,000 after purchasing an additional 2,762,934 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Progressive by 55.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after purchasing an additional 2,687,224 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Progressive by 40.0% in the 3rd quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock worth $438,742,000 after purchasing an additional 2,588,522 shares during the period. Wells Fargo & Company MN raised its holdings in Progressive by 49.2% during the 3rd quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock valued at $328,303,000 after acquiring an additional 2,234,425 shares during the period. Finally, BlackRock Inc. raised its holdings in Progressive by 4.7% during the 4th quarter. BlackRock Inc. now owns 38,769,936 shares of the insurance provider’s stock valued at $2,183,522,000 after acquiring an additional 1,742,936 shares during the period. 81.11% of the stock is currently owned by institutional investors.

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In related news, insider William M. Cody sold 25,000 shares of the company’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the transaction, the insider now directly owns 137,722 shares in the company, valued at $7,726,204.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.56% of the stock is currently owned by insiders.

PGR has been the topic of a number of analyst reports. MKM Partners boosted their target price on shares of Progressive to $65.00 and gave the company a “buy” rating in a report on Friday, December 15th. Wells Fargo set a $55.00 target price on shares of Progressive and gave the company a “hold” rating in a report on Wednesday, December 13th. Credit Suisse Group reissued a “hold” rating and set a $48.00 target price on shares of Progressive in a report on Friday, December 15th. Goldman Sachs initiated coverage on shares of Progressive in a report on Monday, December 4th. They set a “buy” rating and a $57.00 target price on the stock. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $60.00 target price on shares of Progressive in a report on Wednesday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Progressive has a consensus rating of “Hold” and a consensus price target of $50.88.

Progressive Corp (PGR) opened at $61.92 on Friday. The company has a market cap of $35,856.55, a price-to-earnings ratio of 22.76, a PEG ratio of 2.34 and a beta of 0.71. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.36. Progressive Corp has a 1 year low of $38.61 and a 1 year high of $62.14.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. The firm had revenue of $6.75 billion during 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 business’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.66 EPS. sell-side analysts anticipate that Progressive Corp will post 3.59 earnings per share for the current fiscal year.

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Progressive Profile

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.

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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