State of Tennessee Treasury Department Purchases 70,335 Shares of Progressive Corp (PGR)

State of Tennessee Treasury Department lifted its position in shares of Progressive Corp (NYSE:PGR) by 13.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 577,624 shares of the insurance provider’s stock after acquiring an additional 70,335 shares during the period. State of Tennessee Treasury Department’s holdings in Progressive were worth $32,532,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. First Republic Investment Management Inc. grew its position in Progressive by 72.2% in the 4th quarter. First Republic Investment Management Inc. now owns 31,856 shares of the insurance provider’s stock valued at $1,794,000 after buying an additional 13,357 shares in the last quarter. LFL Advisers LLC grew its position in Progressive by 7.7% in the 4th quarter. LFL Advisers LLC now owns 104,282 shares of the insurance provider’s stock valued at $5,873,000 after buying an additional 7,485 shares in the last quarter. Norinchukin Bank The grew its position in Progressive by 12.6% in the 4th quarter. Norinchukin Bank The now owns 29,157 shares of the insurance provider’s stock valued at $1,642,000 after buying an additional 3,260 shares in the last quarter. FDx Advisors Inc. grew its position in Progressive by 2.2% in the 4th quarter. FDx Advisors Inc. now owns 51,245 shares of the insurance provider’s stock valued at $2,886,000 after buying an additional 1,122 shares in the last quarter. Finally, ARP Americas LP grew its position in Progressive by 1,406.1% in the 4th quarter. ARP Americas LP now owns 64,053 shares of the insurance provider’s stock valued at $3,607,000 after buying an additional 59,800 shares in the last quarter. Hedge funds and other institutional investors own 79.72% of the company’s stock.

Shares of Progressive Corp (NYSE:PGR) opened at $57.62 on Thursday. Progressive Corp has a 1-year low of $38.61 and a 1-year high of $58.25. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.37 and a quick ratio of 0.50. The firm has a market cap of $32,923.25, a PE ratio of 21.02, a price-to-earnings-growth ratio of 2.19 and a beta of 0.82.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The company had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the company earned $0.66 EPS. Progressive’s revenue was up 21.6% on a year-over-year basis. equities research analysts anticipate that Progressive Corp will post 3.52 earnings per share for the current fiscal year.

The firm also recently declared an annual dividend, which was paid on Friday, February 9th. Shareholders of record on Friday, February 2nd were issued a $1.125 dividend. This represents a yield of 0.0203325501536237%. The ex-dividend date was Thursday, February 1st. Progressive’s payout ratio is 41.18%.

In other Progressive news, insider William M. Cody sold 25,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the sale, the insider now directly owns 137,722 shares of the company’s stock, valued at $7,726,204.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.56% of the stock is currently owned by corporate insiders.

PGR has been the subject of a number of recent analyst reports. MKM Partners increased their target price on shares of Progressive to $65.00 and gave the company a “buy” rating in a research report on Friday, December 15th. Wells Fargo & Co set a $55.00 target price on shares of Progressive and gave the company a “hold” rating in a research report on Wednesday, December 13th. Credit Suisse Group reiterated a “hold” rating and issued a $48.00 target price on shares of Progressive in a research report on Friday, December 15th. Goldman Sachs Group initiated coverage on shares of Progressive in a research report on Monday, December 4th. They issued a “buy” rating and a $57.00 target price for the company. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $58.00 target price on shares of Progressive in a research report on Friday, November 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Progressive presently has a consensus rating of “Hold” and an average price target of $50.65.

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About Progressive

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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