Ontario Teachers Pension Plan Board lifted its stake in shares of Progressive Corp (NYSE:PGR) by 6.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 206,161 shares of the insurance provider’s stock after acquiring an additional 12,300 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Progressive were worth $11,611,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently modified their holdings of the company. Lockheed Martin Investment Management Co. bought a new position in shares of Progressive during the third quarter worth about $872,000. Meeder Asset Management Inc. raised its position in shares of Progressive by 126.4% during the third quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock worth $4,677,000 after acquiring an additional 53,917 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Progressive by 85.5% during the third quarter. Ameriprise Financial Inc. now owns 880,067 shares of the insurance provider’s stock worth $42,613,000 after purchasing an additional 405,643 shares during the period. Brown Advisory Inc. grew its stake in Progressive by 8.3% during the third quarter. Brown Advisory Inc. now owns 46,734 shares of the insurance provider’s stock worth $2,262,000 after purchasing an additional 3,580 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in Progressive by 10.4% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,903,768 shares of the insurance provider’s stock worth $92,180,000 after purchasing an additional 178,770 shares during the period. Institutional investors own 79.72% of the company’s stock.
Shares of Progressive Corp (NYSE:PGR) opened at $57.35 on Tuesday. The company has a quick ratio of 0.50, a current ratio of 0.37 and a debt-to-equity ratio of 0.36. Progressive Corp has a one year low of $38.36 and a one year high of $58.25. The company has a market capitalization of $33,394.91, a P/E ratio of 21.08, a price-to-earnings-growth ratio of 2.22 and a beta of 0.82.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.02. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter last year, the firm posted $0.66 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. equities research analysts expect that Progressive Corp will post 3.52 EPS for the current fiscal year.
The company also recently disclosed an annual dividend, which was paid on Friday, February 9th. Shareholders of record on Friday, February 2nd were paid a $1.125 dividend. The ex-dividend date was Thursday, February 1st. This represents a yield of 0.0203325501536237%. Progressive’s dividend payout ratio (DPR) is presently 41.18%.
In other Progressive news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the sale, the insider now owns 137,722 shares of the company’s stock, valued at $7,726,204.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.56% of the company’s stock.
Several research firms recently commented on PGR. Wells Fargo & Co set a $57.00 target price on Progressive and gave the stock a “hold” rating in a research note on Wednesday, February 14th. UBS Group raised their target price on Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $60.00 target price on shares of Progressive in a research note on Wednesday, December 6th. MKM Partners raised their target price on Progressive to $60.00 and gave the stock a “buy” rating in a research note on Thursday, November 16th. Finally, Goldman Sachs Group began coverage on Progressive in a research note on Monday, December 4th. They set a “buy” rating and a $57.00 target price for the company. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $50.65.
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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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