Strs Ohio Has $26.79 Million Holdings in The Progressive Co. (NYSE:PGR)

Strs Ohio raised its holdings in The Progressive Co. (NYSE:PGR) by 3.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 168,187 shares of the insurance provider’s stock after buying an additional 4,983 shares during the quarter. Strs Ohio’s holdings in Progressive were worth $26,788,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Grove Bank & Trust lifted its stake in Progressive by 51.7% in the fourth quarter. Grove Bank & Trust now owns 1,056 shares of the insurance provider’s stock valued at $168,000 after buying an additional 360 shares during the period. Carnegie Capital Asset Management LLC raised its position in shares of Progressive by 3.6% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 280,192 shares of the insurance provider’s stock worth $44,629,000 after purchasing an additional 9,699 shares during the period. Vontobel Holding Ltd. raised its position in shares of Progressive by 3.7% during the fourth quarter. Vontobel Holding Ltd. now owns 24,117 shares of the insurance provider’s stock worth $3,841,000 after purchasing an additional 850 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Progressive by 5.4% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,063,457 shares of the insurance provider’s stock worth $328,667,000 after purchasing an additional 105,997 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Progressive during the fourth quarter worth approximately $5,639,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PGR. Wells Fargo & Company upped their target price on Progressive from $232.00 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. UBS Group upped their target price on Progressive from $159.00 to $170.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 10th. Keefe, Bruyette & Woods upped their price target on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a report on Wednesday, April 10th. Jefferies Financial Group upped their price target on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a report on Monday. Finally, Piper Sandler reiterated an “overweight” rating and set a $240.00 price target on shares of Progressive in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $208.31.

Progressive Stock Up 1.3 %

Shares of NYSE:PGR opened at $206.59 on Tuesday. The company has a market capitalization of $121.00 billion, a PE ratio of 21.15, a price-to-earnings-growth ratio of 0.86 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The business has a fifty day moving average price of $197.64 and a two-hundred day moving average price of $173.59. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $212.24.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.65 EPS. Analysts forecast that The Progressive Co. will post 10.5 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were paid a dividend of $0.10 per share. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s payout ratio is 4.09%.

Insider Transactions at Progressive

In other news, insider Karen Bailo sold 8,464 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Karen Bailo sold 8,464 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew J. Quigg sold 551 shares of the stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total value of $93,251.24. Following the sale, the insider now directly owns 27,921 shares in the company, valued at approximately $4,725,350.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,629 shares of company stock worth $8,348,176. 0.34% of the stock is owned by company insiders.

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.