Progressive Corp (NYSE:PGR) Holdings Trimmed by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System cut its holdings in Progressive Corp (NYSE:PGR) by 0.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 775,767 shares of the insurance provider’s stock after selling 1,885 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.13% of Progressive worth $46,802,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Progressive by 8.3% during the 2nd quarter. FMR LLC now owns 3,266,132 shares of the insurance provider’s stock worth $193,191,000 after purchasing an additional 250,803 shares during the period. Advisors Asset Management Inc. grew its stake in shares of Progressive by 31.1% in the second quarter. Advisors Asset Management Inc. now owns 31,577 shares of the insurance provider’s stock worth $1,868,000 after purchasing an additional 7,484 shares in the last quarter. Schroder Investment Management Group grew its stake in shares of Progressive by 90.1% in the second quarter. Schroder Investment Management Group now owns 326,504 shares of the insurance provider’s stock worth $19,436,000 after purchasing an additional 154,725 shares in the last quarter. Visionary Asset Management Inc. acquired a new stake in shares of Progressive in the third quarter valued at $360,000. Finally, Ibex Wealth Advisors acquired a new stake in shares of Progressive in the third quarter valued at $4,262,000. Hedge funds and other institutional investors own 82.13% of the company’s stock.

Several equities research analysts recently issued reports on the company. Wells Fargo & Co reissued a “hold” rating and issued a $70.00 price objective on shares of Progressive in a research note on Wednesday, January 23rd. Barclays upgraded Progressive from an “underweight” rating to an “overweight” rating and increased their target price for the company from $67.00 to $73.00 in a research note on Wednesday, January 9th. Credit Suisse Group reiterated a “buy” rating and issued a $73.00 price objective on shares of Progressive in a research report on Thursday, January 3rd. Zacks Investment Research raised Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a report on Wednesday, January 2nd. Finally, B. Riley raised Progressive from a “neutral” rating to a “buy” rating and lifted their target price for the company from $71.00 to $81.00 in a research note on Tuesday, December 11th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $71.64.

In related news, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Friday, January 25th. The shares were sold at an average price of $65.27, for a total value of $783,240.00. Following the transaction, the chief financial officer now owns 392,019 shares of the company’s stock, valued at approximately $25,587,080.13. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider M Jeffrey Charney sold 18,000 shares of Progressive stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $66.58, for a total transaction of $1,198,440.00. Following the completion of the transaction, the insider now directly owns 145,304 shares in the company, valued at approximately $9,674,340.32. The disclosure for this sale can be found here. Insiders have sold 93,548 shares of company stock valued at $6,094,536 over the last 90 days. Corporate insiders own 0.70% of the company’s stock.

PGR stock traded up $0.31 during midday trading on Monday, hitting $68.67. 1,222,001 shares of the company’s stock were exchanged, compared to its average volume of 3,265,437. The firm has a market cap of $39.82 billion, a PE ratio of 15.54, a P/E/G ratio of 1.86 and a beta of 0.75. Progressive Corp has a one year low of $51.22 and a one year high of $73.69. The company has a current ratio of 0.32, a quick ratio of 0.42 and a debt-to-equity ratio of 0.41.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.57). The company had revenue of $7.94 billion during the quarter, compared to analyst estimates of $7.86 billion. Progressive had a net margin of 8.16% and a return on equity of 24.54%. Progressive’s revenue was up 17.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.98 EPS. On average, analysts forecast that Progressive Corp will post 5.01 earnings per share for the current year.

The firm also recently announced an annual dividend, which will be paid on Monday, February 11th. Shareholders of record on Monday, February 4th will be paid a dividend of $2.514 per share. The ex-dividend date of this dividend is Friday, February 1st. This is a boost from Progressive’s previous annual dividend of $1.12. This represents a yield of 3.85%. Progressive’s dividend payout ratio is presently 56.79%.

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About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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