The Progressive Corporation $PGR Shares Purchased by State Street Corp

State Street Corp boosted its holdings in The Progressive Corporation (NYSE:PGR) by 0.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 25,815,690 shares of the insurance provider’s stock after buying an additional 6,928 shares during the quarter. State Street Corp owned 4.40% of Progressive worth $5,878,749,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Dagco Inc. acquired a new position in Progressive in the fourth quarter worth approximately $28,000. IFC & Insurance Marketing Inc. acquired a new position in Progressive in the fourth quarter worth approximately $29,000. Ameriflex Group Inc. boosted its stake in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. Entrust Financial LLC acquired a new position in Progressive in the 4th quarter worth approximately $33,000. Finally, Kingdom Financial Group LLC. acquired a new position in Progressive in the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 0.3%

Shares of NYSE:PGR opened at $202.86 on Friday. The firm has a fifty day moving average of $199.20 and a two-hundred day moving average of $208.05. The firm has a market capitalization of $118.54 billion, a P/E ratio of 10.31, a price-to-earnings-growth ratio of 5.86 and a beta of 0.28. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $269.84. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion during 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 company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $4.37 EPS. On average, equities analysts expect that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Dividend Announcement

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 paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.03%.

Insider Buying and Selling at Progressive

In other Progressive news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares of the company’s stock, valued at $115,227. This trade represents a 32.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. This trade represents a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,343 shares of company stock valued at $1,470,355 in the last quarter. Company insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on PGR shares. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $225.00 price objective on shares of Progressive in a research note on Monday, February 23rd. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research note on Friday, May 22nd. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 24th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $220.00 price objective on shares of Progressive in a research note on Wednesday, May 20th. Finally, Jefferies Financial Group decreased their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Progressive 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.