The Progressive Co. (NYSE:PGR) Shares Purchased by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lifted its position in shares of The Progressive Co. (NYSE:PGR) by 1.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 45,498 shares of the insurance provider’s stock after acquiring an additional 484 shares during the period. Maryland State Retirement & Pension System’s holdings in Progressive were worth $7,247,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Wellington Management Group LLP increased its holdings in shares of Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares during the period. Northern Trust Corp grew its holdings in shares of Progressive by 2.8% during the 3rd quarter. Northern Trust Corp now owns 5,982,841 shares of the insurance provider’s stock valued at $833,410,000 after acquiring an additional 162,916 shares in the last quarter. Deutsche Bank AG increased its stake in shares of Progressive by 2.9% in the third quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock worth $785,814,000 after acquiring an additional 156,332 shares during the last quarter. Invesco Ltd. boosted its position in Progressive by 31.8% during the third quarter. Invesco Ltd. now owns 4,781,075 shares of the insurance provider’s stock valued at $666,004,000 after purchasing an additional 1,154,591 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Progressive by 10.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,363,575 shares of the insurance provider’s stock valued at $468,546,000 after purchasing an additional 309,287 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of PGR traded up $6.79 on Monday, hitting $215.51. The company’s stock had a trading volume of 2,173,210 shares, compared to its average volume of 2,603,140. 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 company has a market capitalization of $126.22 billion, a PE ratio of 22.06, a PEG ratio of 0.82 and a beta of 0.34. The company has a 50 day moving average price of $204.74 and a 200 day moving average price of $180.31. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $216.21.

Progressive (NYSE:PGR) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the prior year, the firm earned $0.65 earnings per share. Progressive’s revenue was up 17.7% compared to the same quarter last year. On average, research analysts anticipate that The Progressive Co. will post 11.34 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm 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 of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio is currently 4.09%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group boosted their price target on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. TD Cowen initiated coverage on Progressive in a research report on Wednesday, January 10th. They issued a “market perform” rating and a $174.00 price objective for the company. HSBC upped their target price on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price objective on shares of Progressive in a research report on Monday, April 1st. Finally, BMO Capital Markets lifted their target price on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. 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. According to data from MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $211.88.

Insider Activity

In related news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at $2,889,859.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Patrick K. Callahan sold 29,675 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $190.26, for a total value of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $1,603,843.36. Following the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock worth $7,458,139 over the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Company Profile

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.