Optas LLC Raises Stock Position in The Progressive Co. (NYSE:PGR)

Optas LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,440 shares of the insurance provider’s stock after buying an additional 174 shares during the period. Optas LLC’s holdings in Progressive were worth $2,741,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in PGR. Geode Capital Management LLC lifted its position in Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after acquiring an additional 1,682,213 shares during the period. Jennison Associates LLC lifted its holdings in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its position in Progressive by 75.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after buying an additional 641,943 shares during the last quarter. International Assets Investment Management LLC increased its holdings in Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after buying an additional 594,330 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in Progressive by 102.3% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,024,992 shares of the insurance provider’s stock worth $260,102,000 after buying an additional 518,262 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, insider Andrew J. Quigg sold 681 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, the insider now directly owns 33,612 shares in the company, valued at approximately $8,137,465.20. This represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lori A. Niederst sold 3,855 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $247.06, for a total value of $952,416.30. Following the transaction, the insider now directly owns 39,040 shares in the company, valued at approximately $9,645,222.40. The trade was a 8.99 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,361 shares of company stock worth $13,983,575. 0.34% of the stock is owned by insiders.

Progressive Price Performance

NYSE:PGR opened at $249.06 on Tuesday. The firm has a market cap of $145.90 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 0.63 and a beta of 0.42. The stock has a 50 day moving average of $247.01 and a two-hundred day moving average of $244.91. The Progressive Co. has a 12 month low of $179.90 and a 12 month high of $270.62. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, analysts expect that The Progressive Co. will post 14.4 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio is currently 2.78%.

Analyst Ratings Changes

PGR has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a report on Tuesday, December 10th. Bank of America raised their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Finally, Evercore ISI upped their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $275.71.

Progressive 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.