United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Boosts Holdings in The Progressive Corporation $PGR

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its stake in shares of The Progressive Corporation (NYSE:PGR) by 13.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 126,374 shares of the insurance provider’s stock after purchasing an additional 14,538 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund’s holdings in Progressive were worth $28,778,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Illinois Municipal Retirement Fund raised its holdings in Progressive by 30.2% during the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after purchasing an additional 23,833 shares in the last quarter. Allstate Corp raised its holdings in Progressive by 106.1% during the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after purchasing an additional 22,915 shares in the last quarter. Prospera Financial Services Inc raised its holdings in Progressive by 36.9% during the third quarter. Prospera Financial Services Inc now owns 19,240 shares of the insurance provider’s stock worth $4,752,000 after purchasing an additional 5,184 shares in the last quarter. Mariner LLC raised its holdings in Progressive by 7.9% during the third quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock worth $159,183,000 after purchasing an additional 47,248 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in Progressive by 5.7% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock worth $411,506,000 after purchasing an additional 97,275 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 3,517 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider directly owned 32,348 shares in the company, valued at approximately $6,857,776. The trade was a 9.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Carl G. Joyce sold 270 shares of the business’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the sale, the chief accounting officer owned 558 shares in the company, valued at $115,227. The trade was a 32.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,928 shares of company stock worth $831,251 over the last 90 days. Insiders own 0.32% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $194.73 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The stock has a market capitalization of $113.79 billion, a P/E ratio of 9.90, a P/E/G ratio of 7.20 and a beta of 0.31. The company’s fifty day moving average is $199.89 and its two-hundred day moving average is $209.87. The Progressive Corporation has a 1 year low of $191.75 and a 1 year high of $289.96.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm earned $4.37 EPS. On average, sell-side analysts predict that The Progressive Corporation will post 16.37 earnings per share for the current year.

Progressive Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PGR. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Morgan Stanley cut their price objective on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. Argus raised shares of Progressive to a “hold” rating in a report on Thursday, March 5th. UBS Group raised their price objective on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a report on Monday, March 23rd. Finally, Wells Fargo & Company lifted their target price on shares of Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $238.11.

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.