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

Teachers Retirement System of The State of Kentucky lifted its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 45.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 333,433 shares of the insurance provider's stock after buying an additional 103,625 shares during the period. Progressive makes up approximately 0.7% of Teachers Retirement System of The State of Kentucky's portfolio, making the stock its 15th largest position. Teachers Retirement System of The State of Kentucky owned about 0.06% of Progressive worth $84,611,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Davis Capital Management purchased a new position in shares of Progressive during the 3rd quarter worth approximately $25,000. WR Wealth Planners LLC lifted its stake in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider's stock worth $26,000 after acquiring an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. boosted its holdings in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock valued at $35,000 after acquiring an additional 73 shares during the period. Kimelman & Baird LLC acquired a new position in Progressive in the 2nd quarter valued at about $36,000. Finally, Sachetta LLC increased its stake in Progressive by 34.0% during the second quarter. Sachetta LLC now owns 209 shares of the insurance provider's stock worth $45,000 after purchasing an additional 53 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 1.4 %

Shares of PGR stock traded down $3.54 during mid-day trading on Wednesday, hitting $243.73. 3,048,171 shares of the company's stock were exchanged, compared to its average volume of 2,470,062. The stock has a market cap of $142.78 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 0.70 and a beta of 0.38. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $270.62. The stock has a 50-day simple moving average of $254.38 and a two-hundred day simple moving average of $236.13.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analysts' expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Equities analysts expect that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, January 9th. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive's dividend payout ratio is presently 2.91%.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 2,981 shares of the firm's stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now owns 292,958 shares of the company's stock, valued at approximately $78,539,110.22. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,839 shares of company stock worth $6,718,965 in the last ninety days. Insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PGR. The Goldman Sachs Group lifted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a "buy" rating in a report on Wednesday, September 18th. Piper Sandler increased their price target on Progressive from $250.00 to $252.00 and gave the company an "overweight" rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. upped their price target on Progressive from $242.00 to $251.00 and gave the company an "overweight" rating in a report on Thursday, October 10th. Barclays boosted their price objective on shares of Progressive from $267.00 to $277.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 23rd. Finally, HSBC lowered shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 price target on the stock. in a research note on Tuesday. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $270.69.

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.