Public Sector Pension Investment Board Purchases 92,678 Shares of The Progressive Corporation $PGR

Public Sector Pension Investment Board boosted its position in The Progressive Corporation (NYSE:PGR) by 76.8% in the third quarter, Holdings Channel.com reports. The firm owned 213,340 shares of the insurance provider’s stock after buying an additional 92,678 shares during the quarter. Public Sector Pension Investment Board’s holdings in Progressive were worth $52,684,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Davis Capital Management bought a new position in shares of Progressive in the 3rd quarter worth about $25,000. Atlantic Union Bankshares Corp bought a new stake in Progressive during the second quarter worth about $33,000. Howard Hughes Medical Institute purchased a new stake in Progressive in the second quarter worth about $34,000. Westside Investment Management Inc. increased its stake in shares of Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares in the last quarter. Finally, TruNorth Capital Management LLC lifted its holdings in shares of Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 135 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of several recent research reports. Evercore cut their price target on Progressive from $250.00 to $237.00 and set an “in-line” rating on the stock in a research note on Wednesday, January 7th. Zacks Research downgraded Progressive from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Finally, The Goldman Sachs Group set a $227.00 price objective on shares of Progressive in a research report on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus price target of $250.35.

Progressive Trading Down 1.3%

Shares of NYSE:PGR opened at $205.60 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The company has a market cap of $120.56 billion, a P/E ratio of 10.69, a PEG ratio of 7.30 and a beta of 0.32. The stock’s fifty day moving average price is $215.35 and its 200-day moving average price is $228.25.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were issued 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 of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Insider Activity at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 3,105 shares of Progressive 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 $634,506.75. Following the completion of the sale, the executive owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. The trade was a 10.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction 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 sale, the insider owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. This represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 12,443 shares of company stock valued at $2,723,061. Insiders own 0.34% of the company’s stock.

Progressive Company Profile

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.