The Progressive Corporation $PGR Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky decreased its position in The Progressive Corporation (NYSE:PGR) by 12.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 194,650 shares of the insurance provider’s stock after selling 28,745 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Progressive were worth $48,069,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Focus Partners Advisor Solutions LLC boosted its holdings in Progressive by 37.8% in the third quarter. Focus Partners Advisor Solutions LLC now owns 6,011 shares of the insurance provider’s stock worth $1,484,000 after purchasing an additional 1,650 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Progressive by 4.6% during the third quarter. Fisher Asset Management LLC now owns 9,664 shares of the insurance provider’s stock worth $2,387,000 after purchasing an additional 428 shares during the period. Fairtree Asset Management Pty Ltd lifted its position in shares of Progressive by 123.9% in the 3rd quarter. Fairtree Asset Management Pty Ltd now owns 8,454 shares of the insurance provider’s stock worth $2,088,000 after buying an additional 4,678 shares during the last quarter. Ted Buchan & Co boosted its holdings in shares of Progressive by 7.0% in the 3rd quarter. Ted Buchan & Co now owns 13,101 shares of the insurance provider’s stock valued at $3,235,000 after buying an additional 859 shares during the period. Finally, Arete Wealth Advisors LLC acquired a new position in shares of Progressive in the 3rd quarter valued at about $219,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PGR shares. Roth Mkm set a $235.00 price objective on shares of Progressive in a research note on Thursday, February 19th. JPMorgan Chase & Co. lowered their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a report on Wednesday, January 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. Bank of America reduced their price objective on Progressive from $350.00 to $348.00 and set a “buy” rating for the company in a research report on Tuesday, December 9th. Finally, Morgan Stanley dropped their target price on Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 28th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $245.50.

Insider Activity at Progressive

In other news, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the transaction, the insider directly owned 39,626 shares in the company, valued at $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the transaction, the insider owned 26,354 shares in the company, valued at $5,924,379.20. This represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 9,103 shares of company stock valued at $1,883,924. 0.33% of the stock is currently owned by insiders.

Progressive Trading Down 0.1%

Shares of PGR stock opened at $213.43 on Tuesday. The firm has a market capitalization of $125.16 billion, a PE ratio of 11.09, a price-to-earnings-growth ratio of 9.34 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The stock has a fifty day moving average of $210.27 and a two-hundred day moving average of $224.84.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s payout ratio is 2.08%.

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.