New Mexico Educational Retirement Board Boosts Stock Position in The Progressive Co. (NYSE:PGR)

New Mexico Educational Retirement Board boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 11.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,975 shares of the insurance provider’s stock after purchasing an additional 3,500 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Progressive were worth $7,027,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Progressive in the 4th quarter worth approximately $1,078,831,000. Wellington Management Group LLP grew its position in shares of Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after acquiring an additional 2,666,449 shares in the last quarter. 1832 Asset Management L.P. grew its position in shares of Progressive by 237.8% in the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock worth $236,650,000 after acquiring an additional 1,045,883 shares in the last quarter. Confluence Investment Management LLC acquired a new position in Progressive during the 1st quarter valued at approximately $188,642,000. Finally, Los Angeles Capital Management LLC boosted its position in Progressive by 279.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 811,381 shares of the insurance provider’s stock valued at $129,237,000 after purchasing an additional 597,401 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PGR shares. Morgan Stanley reduced their price objective on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, June 10th. Keefe, Bruyette & Woods boosted their price target on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. The Goldman Sachs Group boosted their price target on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a research report on Monday, March 25th. Jefferies Financial Group boosted their price target on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Finally, Piper Sandler reiterated an “overweight” rating and set a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $216.81.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the transaction, the insider now owns 32,453 shares in the company, valued at $6,808,963.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progressive news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at $828,485.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 3,050 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the sale, the insider now owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,518 shares of company stock valued at $5,055,674. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 1.7 %

Shares of Progressive stock traded down $3.64 on Friday, reaching $207.71. 4,068,275 shares of the company were exchanged, compared to its average volume of 2,532,151. The stock has a fifty day moving average price of $209.49 and a 200-day moving average price of $193.60. The firm has a market capitalization of $121.66 billion, a price-to-earnings ratio of 21.26, a price-to-earnings-growth ratio of 0.80 and a beta of 0.35. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $217.77.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. Progressive’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 earnings per share. On average, analysts expect that The Progressive Co. will post 11.27 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is 4.09%.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.