Strs Ohio Has $32.13 Million Stake in The Progressive Corporation $PGR

Strs Ohio reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 4.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,054 shares of the insurance provider’s stock after selling 7,741 shares during the quarter. Strs Ohio’s holdings in Progressive were worth $32,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bard Associates Inc. acquired a new stake in shares of Progressive during the 4th quarter worth about $27,000. Dagco Inc. acquired a new stake in shares of Progressive during the fourth quarter worth approximately $28,000. HHM Wealth Advisors LLC raised its stake in shares of Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. bought a new position in shares of Progressive in the fourth quarter valued at approximately $29,000. Finally, Ameriflex Group Inc. boosted its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director owned 22,546 shares in the company, valued at $4,877,376.18. This trade represents a 23.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 1,157 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the sale, the insider owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,230 shares of company stock valued at $3,165,817 in the last quarter. Company insiders own 0.32% of the company’s stock.

Progressive Trading Down 0.2%

Shares of NYSE:PGR opened at $231.75 on Friday. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $261.66. The business has a 50 day moving average of $203.97 and a 200-day moving average of $206.81. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a market cap of $135.42 billion, a PE ratio of 11.78, a P/E/G ratio of 7.03 and a beta of 0.26.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period last year, the firm posted $4.37 EPS. As a group, equities research analysts forecast that The Progressive Corporation will post 17.12 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is 2.03%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research analyst reports. Bank of America decreased their price target on Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a research report on Thursday, June 18th. Jefferies Financial Group lowered their price target on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Evercore reiterated a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on Progressive from $208.00 to $210.00 and gave the company a “market perform” rating in a report on Thursday, June 18th. Six equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $237.37.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.