Maryland State Retirement & Pension System Has $7.57 Million Stake in The Progressive Co. (NYSE:PGR)

Maryland State Retirement & Pension System decreased its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 6.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,603 shares of the insurance provider's stock after selling 2,111 shares during the period. Maryland State Retirement & Pension System's holdings in Progressive were worth $7,572,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Atlantic Edge Private Wealth Management LLC raised its stake in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after acquiring an additional 41 shares during the last quarter. LRI Investments LLC raised its stake in shares of Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock worth $76,000 after acquiring an additional 42 shares during the last quarter. SYM FINANCIAL Corp raised its stake in shares of Progressive by 2.8% in the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock worth $384,000 after acquiring an additional 44 shares during the last quarter. Monument Capital Management raised its stake in shares of Progressive by 0.3% in the fourth quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock worth $3,298,000 after acquiring an additional 44 shares during the last quarter. Finally, Kelleher Financial Advisors raised its stake in shares of Progressive by 4.7% in the fourth quarter. Kelleher Financial Advisors now owns 995 shares of the insurance provider's stock worth $238,000 after acquiring an additional 45 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

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Progressive Stock Performance

Shares of PGR traded down $1.54 during mid-day trading on Friday, reaching $273.08. The company's stock had a trading volume of 7,280,100 shares, compared to its average volume of 2,433,405. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The stock has a market cap of $160.08 billion, a P/E ratio of 18.96, a PEG ratio of 1.70 and a beta of 0.35. The business has a 50-day simple moving average of $261.96 and a two-hundred day simple moving average of $255.01. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, equities research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is 2.78%.

Insiders Place Their Bets

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares of the company's stock, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Susan Patricia Griffith sold 9,066 shares of the business's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the transaction, the chief executive officer now directly owns 473,736 shares of the company's stock, valued at approximately $114,691,485.60. This trade represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,495 shares of company stock worth $16,668,034 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PGR. Raymond James raised Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price objective for the company in a report on Thursday, December 26th. Bank of America dropped their price objective on Progressive from $318.00 to $300.00 and set a "buy" rating for the company in a report on Thursday. HSBC downgraded shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 target price for the company. in a research note on Tuesday, December 10th. Wells Fargo & Company lifted their target price on Progressive from $313.00 to $317.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Finally, Hsbc Global Res cut Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and a consensus price target of $281.06.

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.