Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $28.19 Million Stake in The Progressive Corporation $PGR

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lowered its stake in The Progressive Corporation (NYSE:PGR) by 5.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 129,064 shares of the insurance provider’s stock after selling 7,464 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Progressive were worth $28,194,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Brighton Jones LLC boosted its holdings in 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 in the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Progressive in the 4th quarter worth $269,000. Bison Wealth LLC lifted its holdings in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares in the last quarter. HUB Investment Partners LLC grew its position in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 166 shares during the period. Finally, Diversify Wealth Management LLC increased its stake in Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after purchasing an additional 1,622 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 37,338 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares of the company’s stock, valued at approximately $111,199,682.96. The trade was a 6.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 74,885 shares of company stock valued at $15,880,459. Company insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research note on Thursday, July 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $190.00 to $210.00 in a report on Friday, July 24th. Mizuho set a $236.00 price target on Progressive in a research note on Wednesday, August 5th. Finally, Bank of America decreased their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $235.00.

Progressive Stock Up 0.3%

Progressive stock opened at $209.48 on Friday. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The firm’s 50-day simple moving average is $214.36 and its 200 day simple moving average is $206.47. The stock has a market cap of $121.79 billion, a PE ratio of 10.51, a price-to-earnings-growth ratio of 2.81 and a beta of 0.27.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm earned $5.40 EPS. Research analysts predict that The Progressive Corporation will post 17.57 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is presently 2.01%.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.