The Progressive Corporation $PGR Shares Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lifted its position in The Progressive Corporation (NYSE:PGR) by 4.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,482 shares of the insurance provider’s stock after acquiring an additional 1,146 shares during the period. Maryland State Retirement & Pension System’s holdings in Progressive were worth $7,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in PGR. Brighton Jones LLC boosted its stake in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in Progressive during the fourth quarter worth $269,000. Bison Wealth LLC boosted its stake in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after buying an additional 80 shares during the last quarter. Miracle Mile Advisors LLC boosted its stake in Progressive by 108.0% during the first quarter. Miracle Mile Advisors LLC now owns 1,745 shares of the insurance provider’s stock worth $494,000 after buying an additional 906 shares during the last quarter. Finally, First Citizens Bank & Trust Co. boosted its stake in Progressive by 2.3% during the first quarter. First Citizens Bank & Trust Co. now owns 2,382 shares of the insurance provider’s stock worth $674,000 after buying an additional 53 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

PGR stock opened at $243.07 on Thursday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $142.49 billion, a PE ratio of 13.69, a P/E/G ratio of 1.36 and a beta of 0.32. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The business’s fifty day moving average price is $245.21 and its 200 day moving average price is $260.20.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.48 EPS. On average, sell-side analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive’s payout ratio is currently 2.25%.

Insider Transactions at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the sale, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 130,045 shares of company stock worth $31,997,390. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PGR. Citigroup reissued a “buy” rating on shares of Progressive in a research note on Friday, August 29th. Keefe, Bruyette & Woods boosted their price objective on Progressive from $268.00 to $270.00 and gave the stock a “market perform” rating in a research note on Thursday, September 18th. Morgan Stanley lowered their price objective on Progressive from $267.00 to $265.00 and set an “equal weight” rating on the stock in a research note on Monday, September 22nd. Jefferies Financial Group decreased their price target on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. Finally, Barclays set a $271.00 price target on Progressive in a research note on Wednesday. Seven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $278.63.

About Progressive

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.