Oregon Public Employees Retirement Fund boosted its position in shares of The Progressive Co. (NYSE:PGR) by 2.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,315 shares of the insurance provider’s stock after purchasing an additional 2,895 shares during the period. Oregon Public Employees Retirement Fund’s holdings in The Progressive were worth $11,025,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC increased its position in shares of The Progressive by 21.1% during the first quarter. Exchange Traded Concepts LLC now owns 6,812 shares of the insurance provider’s stock worth $651,000 after acquiring an additional 1,188 shares during the last quarter. Hennessy Advisors Inc. increased its holdings in The Progressive by 12.9% during the 1st quarter. Hennessy Advisors Inc. now owns 31,500 shares of the insurance provider’s stock worth $3,012,000 after purchasing an additional 3,600 shares during the last quarter. Villere ST Denis J & Co. LLC boosted its stake in shares of The Progressive by 2.4% during the 1st quarter. Villere ST Denis J & Co. LLC now owns 844,989 shares of the insurance provider’s stock valued at $80,789,000 after buying an additional 19,750 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of The Progressive by 184.2% during the first quarter. International Assets Investment Management LLC now owns 1,822 shares of the insurance provider’s stock worth $176,000 after buying an additional 1,181 shares in the last quarter. Finally, Polaris Wealth Advisory Group LLC bought a new stake in shares of The Progressive in the first quarter worth $601,000. 81.47% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have weighed in on the stock. B. Riley raised their price objective on shares of The Progressive from $88.00 to $96.00 and gave the stock a “neutral” rating in a report on Thursday, January 7th. Zacks Investment Research cut The Progressive from a “hold” rating to a “sell” rating and set a $92.00 price objective on the stock. in a research note on Thursday, January 28th. Raymond James lowered The Progressive from a “strong-buy” rating to an “outperform” rating and set a $115.00 price objective for the company. in a research report on Monday. The Goldman Sachs Group lowered shares of The Progressive from a “neutral” rating to a “sell” rating and dropped their price target for the company from $92.00 to $90.00 in a research note on Friday, January 8th. Finally, Wells Fargo & Company lowered shares of The Progressive from an “equal weight” rating to an “underweight” rating and set a $99.00 target price for the company. in a research report on Monday, January 4th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $96.69.
The Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 14th. The insurance provider reported $1.72 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.72. The Progressive had a net margin of 12.13% and a return on equity of 28.89%. The business had revenue of $11.73 billion during the quarter, compared to analyst estimates of $11.24 billion. During the same period in the prior year, the firm earned $1.17 earnings per share. The firm’s revenue was up 18.8% compared to the same quarter last year. Equities analysts forecast that The Progressive Co. will post 7.4 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, April 15th. Shareholders of record on Wednesday, April 7th were paid a $0.10 dividend. The ex-dividend date was Tuesday, April 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.40%. The Progressive’s dividend payout ratio (DPR) is currently 5.95%.
In other news, insider Daniel P. Mascaro sold 2,351 shares of the stock in a transaction on Wednesday, February 3rd. The shares were sold at an average price of $86.17, for a total transaction of $202,585.67. Following the transaction, the insider now owns 35,050 shares in the company, valued at approximately $3,020,258.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction on Thursday, March 18th. The shares were sold at an average price of $91.40, for a total transaction of $1,096,800.00. Following the transaction, the chief financial officer now owns 332,721 shares in the company, valued at approximately $30,410,699.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,594 shares of company stock worth $1,418,589. Insiders own 0.38% of the company’s stock.
About The Progressive
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
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