Vestcor Inc Has $33.22 Million Holdings in The Progressive Co. (NYSE:PGR)

Vestcor Inc raised its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 48.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 130,902 shares of the insurance provider's stock after buying an additional 42,963 shares during the quarter. Progressive accounts for 1.0% of Vestcor Inc's investment portfolio, making the stock its 10th largest holding. Vestcor Inc's holdings in Progressive were worth $33,218,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Davis Capital Management bought a new position in Progressive in the 3rd quarter valued at about $25,000. WR Wealth Planners LLC raised its stake in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 67 shares during the period. DiNuzzo Private Wealth Inc. lifted its holdings in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock worth $35,000 after buying an additional 73 shares in the last quarter. Kimelman & Baird LLC bought a new position in Progressive in the 2nd quarter valued at $36,000. Finally, Sachetta LLC grew its position 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 buying an additional 53 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on PGR shares. Wells Fargo & Company increased their target price on Progressive from $281.00 to $282.00 and gave the company an "overweight" rating in a research note on Tuesday, September 10th. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a research report on Tuesday, November 19th. HSBC lowered shares of Progressive from a "buy" rating to a "hold" rating and set a $267.00 price objective for the company. in a report on Tuesday. Finally, The Goldman Sachs Group raised their target price on Progressive from $262.00 to $280.00 and gave the company a "buy" rating in a research note on Wednesday, September 18th. Six equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $270.69.

Progressive Stock Performance

PGR traded down $0.56 during mid-day trading on Tuesday, reaching $247.30. 2,396,172 shares of the company traded hands, compared to its average volume of 2,471,249. The stock has a market capitalization of $144.87 billion, a P/E ratio of 17.97, a P/E/G 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 52-week low of $149.14 and a 52-week high of $270.62. The company's fifty day moving average price is $254.52 and its 200-day moving average price is $235.83.

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

Progressive Dividend Announcement

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

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total value of $2,680,900.00. Following the sale, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the transaction, the insider now owns 15,189 shares of the company's stock, valued at $3,876,384.69. This represents a 33.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,839 shares of company stock worth $6,718,965. 0.34% of the stock is owned by corporate 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.