The New York State Teachers Retirement System has raised its investment in The Progressive Corporation (NYSE: PGR) by 2.4% during the third quarter of 2023, according to Holdings Channel. The retirement system now holds a total of 501,395 shares of the insurance provider, valued at approximately $123,819,000 after acquiring an additional 11,837 shares during this period.
Other institutional investors have also adjusted their positions in Progressive. Davis Capital Management, for instance, acquired a new stake valued at around $25,000 in the third quarter. Similarly, Atlantic Union Bankshares Corp purchased shares worth about $33,000 during the second quarter. Westside Investment Management Inc. significantly increased its position in Progressive by an impressive 900%, now owning 130 shares valued at $34,000 after adding 117 shares. Howard Hughes Medical Institute and Richardson Financial Services Inc. also purchased new stakes, with Richardson increasing its holdings by 1,885.7%, now holding 139 shares valued at $37,000. Collectively, institutional investors and hedge funds own 85.34% of Progressive’s stock.
Progressive’s stock performance has seen fluctuations recently. As of Friday, the stock opened at $214.97. Over the past year, it has reached a low of $199.90 and a high of $292.99. The company maintains a debt-to-equity ratio of 0.19, with a quick ratio and a current ratio both at 0.29. The market capitalization stands at $126.06 billion, and the price-to-earnings ratio is 11.79.
In recent financial news, Progressive declared a quarterly dividend of $0.10 per share, paid on January 8, 2024, to shareholders who were on record as of January 2, 2024. This dividend represents an annualized figure of $0.40, yielding 0.2%. The company’s payout ratio is 2.19%, indicating a conservative approach to returning profits to shareholders.
Analyst sentiment has varied, with several recent upgrades and downgrades. Keefe, Bruyette & Woods raised their price objective from $250.00 to $252.00, maintaining a “market perform” rating. Citigroup adjusted its target price from $301.38 to $300.60, while BMO Capital Markets lowered its target from $256.00 to $253.00. Mizuho has placed a “neutral” rating on the stock with a price objective of $242.00. Barclays upgraded Progressive from “equal weight” to “overweight,” raising its target price from $257.00 to $265.00. Currently, one analyst rates the stock as a Strong Buy, seven as a Buy, twelve as a Hold, and two as a Sell, leading to an average rating of “Hold” with a target price of $260.74 according to MarketBeat.com.
In insider trading activity, Chief Financial Officer John P. Sauerland sold 5,000 shares on November 28, 2023, at an average price of $228.48, totaling $1,142,400.00. This sale reduced his holdings to 223,024 shares, valued at approximately $50,956,523.52. Additionally, insider Steven Broz sold 1,344 shares on December 19, 2023, at an average price of $224.80, worth $302,131.20. Insiders have sold a total of 9,034 shares valued at $2,047,481 over the past 90 days, with insiders currently owning 0.34% of the company.
Progressive Corporation is a prominent U.S.-based property and casualty insurer, primarily providing personal auto insurance along with a variety of related products. Its offerings include coverage for automobiles, commercial fleets, motorcycles, and specialty property and casualty products. The company markets its products through both direct channels and an extensive network of independent agents, positioning itself as a leader in the insurance sector.
