California State Teachers Retirement System Has $69.67 Million Position in Progressive Corp (PGR)

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California State Teachers Retirement System raised its stake in shares of Progressive Corp (NYSE:PGR) by 0.4% in the 1st quarter, Holdings Channel reports. The firm owned 966,445 shares of the insurance provider’s stock after purchasing an additional 4,276 shares during the quarter. California State Teachers Retirement System’s holdings in Progressive were worth $69,671,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc raised its position in Progressive by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 42,481,196 shares of the insurance provider’s stock worth $3,017,865,000 after purchasing an additional 582,761 shares during the last quarter. Janus Henderson Group PLC raised its position in Progressive by 2.9% during the 1st quarter. Janus Henderson Group PLC now owns 13,147,056 shares of the insurance provider’s stock worth $947,787,000 after purchasing an additional 374,526 shares during the last quarter. JPMorgan Chase & Co. raised its position in Progressive by 0.7% during the 1st quarter. JPMorgan Chase & Co. now owns 10,367,630 shares of the insurance provider’s stock worth $747,404,000 after purchasing an additional 72,786 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Progressive by 4,886.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,709,752 shares of the insurance provider’s stock worth $161,000 after purchasing an additional 9,515,013 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Progressive by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock worth $450,389,000 after purchasing an additional 515,706 shares during the last quarter. 79.12% of the stock is owned by institutional investors and hedge funds.

PGR stock opened at $80.22 on Monday. Progressive Corp has a 1-year low of $56.71 and a 1-year high of $80.53. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. The stock has a market capitalization of $46.85 billion, a PE ratio of 18.15, a price-to-earnings-growth ratio of 2.10 and a beta of 0.79.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.45. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The firm had revenue of $9.24 billion during the quarter, compared to analyst estimates of $9.20 billion. During the same period last year, the company posted $1.22 EPS. The business’s quarterly revenue was up 16.0% on a year-over-year basis. Analysts expect that Progressive Corp will post 5.2 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, July 5th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.50%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 9.05%.

PGR has been the subject of several analyst reports. Barclays raised their target price on Progressive from $81.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Citigroup raised their target price on Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 14th. Credit Suisse Group raised their target price on Progressive from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Buckingham Research set a $64.00 price objective on Progressive and gave the stock a “hold” rating in a research report on Monday, May 13th. Finally, Wells Fargo & Co set a $73.00 price objective on Progressive and gave the stock a “hold” rating in a research report on Thursday, February 14th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $79.83.

In other news, insider Steven Broz sold 2,500 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $72.93, for a total value of $182,325.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dyke Kahina Van sold 1,715 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $78.49, for a total value of $134,610.35. Following the completion of the sale, the director now owns 2,464 shares of the company’s stock, valued at $193,399.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 145,850 shares of company stock valued at $11,143,382. Corporate insiders own 0.39% of the company’s stock.

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Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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