New York Life Investment Management LLC Purchases 497 Shares of The Progressive Co. (NYSE:PGR)

New York Life Investment Management LLC boosted its position in shares of The Progressive Co. (NYSE:PGR) by 0.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 91,290 shares of the insurance provider’s stock after buying an additional 497 shares during the quarter. New York Life Investment Management LLC’s holdings in Progressive were worth $14,541,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its position in Progressive by 3.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 85,155 shares of the insurance provider’s stock valued at $11,862,000 after purchasing an additional 2,452 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Progressive by 10.3% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 68,634 shares of the insurance provider’s stock valued at $9,561,000 after purchasing an additional 6,386 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Progressive by 4.2% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 128,982 shares of the insurance provider’s stock valued at $17,967,000 after purchasing an additional 5,164 shares during the period. Simon Quick Advisors LLC purchased a new position in Progressive during the 3rd quarter valued at $294,000. Finally, Arlington Trust Co LLC purchased a new position in Progressive during the 3rd quarter valued at $36,000. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the transaction, the insider now owns 15,189 shares of the company’s stock, valued at $2,889,859.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now owns 15,189 shares in the company, valued at approximately $2,889,859.14. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock valued at $7,458,139 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on PGR. Bank of America reduced their target price on shares of Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a research report on Wednesday, April 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. Jefferies Financial Group upped their target price on shares of Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. UBS Group upped their target price on shares of Progressive from $216.00 to $218.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Finally, HSBC upped their target price on shares of Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus price target of $211.88.

Progressive Stock Performance

PGR opened at $211.80 on Thursday. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The company has a market cap of $124.05 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 0.82 and a beta of 0.34. The company’s 50 day moving average is $203.61 and its 200 day moving average is $179.05. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $216.21.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The firm’s revenue was up 17.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 earnings per share. On average, equities research analysts predict that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Thursday, April 4th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s dividend payout ratio is currently 4.09%.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.