State Street Corp Has $5.88 Billion Holdings in The Progressive Corporation $PGR

State Street Corp lifted its holdings in The Progressive Corporation (NYSE:PGR) by 0.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,815,690 shares of the insurance provider’s stock after purchasing an additional 6,928 shares during the period. State Street Corp’s holdings in Progressive were worth $5,878,749,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PGR. Dagco Inc. acquired a new stake in shares of Progressive in the 4th quarter valued at $28,000. IFC & Insurance Marketing Inc. bought a new position in Progressive in the 4th quarter worth $29,000. Ameriflex Group Inc. raised its holdings in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares during the period. Entrust Financial LLC bought a new position in Progressive in the 4th quarter worth $33,000. Finally, Kingdom Financial Group LLC. bought a new position in Progressive in the 4th quarter worth $34,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PGR. Morgan Stanley dropped their target price on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. BMO Capital Markets reiterated a “market perform” rating and issued a $220.00 target price on shares of Progressive in a report on Wednesday, May 20th. Roth Mkm set a $235.00 target price on shares of Progressive in a report on Thursday, February 19th. UBS Group lifted their target price on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a report on Monday, March 23rd. Finally, Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $238.11.

Insider Transactions at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the transaction, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. The trade was a 12.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 7,343 shares of company stock worth $1,470,355. 0.32% of the stock is currently owned by company insiders.

Progressive Stock Performance

NYSE:PGR opened at $202.86 on Friday. The firm’s 50-day moving average is $199.20 and its 200-day moving average is $208.05. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $269.84. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The company has a market cap of $118.54 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 5.86 and a beta of 0.28.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the previous year, the firm posted $4.37 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. Equities research analysts anticipate that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

About Progressive

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.