Strs Ohio trimmed its position in Progressive Corp (NYSE:PGR) by 1.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 294,109 shares of the insurance provider’s stock after selling 3,070 shares during the quarter. Strs Ohio owned approximately 0.05% of Progressive worth $17,743,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. FMR LLC grew its position in 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 in the last quarter. Morgan Stanley grew its position in Progressive by 27.5% during the 2nd quarter. Morgan Stanley now owns 874,445 shares of the insurance provider’s stock worth $51,725,000 after purchasing an additional 188,567 shares in the last quarter. Advisors Asset Management Inc. grew its position in Progressive by 31.1% during the 2nd 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 position in Progressive by 90.1% during the 2nd 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. Finally, Visionary Asset Management Inc. purchased a new position in Progressive during the 3rd quarter worth approximately $360,000. 80.51% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on PGR. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a research note on Wednesday, January 2nd. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Credit Suisse Group set a $79.00 target price on shares of Progressive and gave the company a “buy” rating in a research note on Wednesday, November 14th. Wells Fargo & Co set a $69.00 target price on shares of Progressive and gave the company a “hold” rating in a research note on Thursday, November 1st. Finally, Buckingham Research raised shares of Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 target price for the company in a research note on Monday, November 19th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Progressive has an average rating of “Buy” and a consensus price target of $71.64.
PGR stock opened at $68.36 on Monday. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.32 and a quick ratio of 0.42. Progressive Corp has a 1 year low of $51.22 and a 1 year high of $73.69. The firm has a market capitalization of $39.82 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 1.86 and a beta of 0.75.
Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.57). Progressive had a net margin of 8.16% and a return on equity of 24.54%. The business had revenue of $7.94 billion during the quarter, compared to analyst estimates of $7.86 billion. During the same period in the previous year, the firm posted $0.98 EPS. The firm’s revenue for the quarter was up 17.6% on a year-over-year basis. Equities analysts forecast that Progressive Corp will post 5.01 earnings per share for the current year.
The firm also recently disclosed an annual dividend, which will be paid on Monday, February 11th. Investors of record on Monday, February 4th will be paid a $2.514 dividend. This represents a dividend yield of 3.85%. The ex-dividend date of this dividend is Friday, February 1st. This is a positive change from Progressive’s previous annual dividend of $1.12. Progressive’s payout ratio is presently 56.79%.
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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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