Teachers Retirement System of The State of Kentucky Lowers Stock Holdings in The Progressive Co. (NYSE:PGR)

Teachers Retirement System of The State of Kentucky trimmed its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 5.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 314,933 shares of the insurance provider's stock after selling 18,500 shares during the period. Progressive accounts for about 0.7% of Teachers Retirement System of The State of Kentucky's holdings, making the stock its 16th largest holding. Teachers Retirement System of The State of Kentucky owned about 0.05% of Progressive worth $75,460,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Webster Bank N. A. acquired a new stake in Progressive during the 4th quarter worth $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive during the fourth quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC increased its position in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after purchasing an additional 41 shares in the last quarter. Valley National Advisers Inc. lifted its holdings in shares of Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 120 shares during the last quarter. Finally, Atala Financial Inc acquired a new stake in shares of Progressive in the 4th quarter valued at about $32,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of NYSE:PGR traded up $0.16 during trading on Thursday, hitting $265.19. 1,820,574 shares of the stock were exchanged, compared to its average volume of 2,635,649. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99. The company has a market cap of $155.46 billion, a PE ratio of 18.42, a P/E/G ratio of 1.70 and a beta of 0.38. The company has a fifty day moving average price of $274.04 and a two-hundred day moving average price of $258.02. 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 released its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. The business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Analyst Ratings Changes

Several research analysts have commented on the company. Bank of America lifted their price target on Progressive from $289.00 to $297.00 and gave the stock a "neutral" rating in a research report on Thursday, April 17th. Wells Fargo & Company lifted their target price on shares of Progressive from $320.00 to $324.00 and gave the company an "overweight" rating in a report on Thursday, April 17th. Barclays increased their price target on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Friday, April 11th. Roth Mkm lifted their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Finally, UBS Group upped their target price on shares of Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, March 14th. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $285.76.

Insider Activity

In related news, Director Jeffrey D. Kelly sold 10,000 shares of the business's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $250.00, for a total value of $2,500,000.00. Following the completion of the transaction, the director now owns 27,741 shares of the company's stock, valued at approximately $6,935,250. The trade was a 26.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 4,669 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the sale, the insider now directly owns 15,191 shares in the company, valued at $4,248,922.70. This represents a 23.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,749 shares of company stock worth $11,786,613 over the last ninety days. 0.33% of the stock is currently owned by insiders.

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.