The Progressive Co. (NYSE:PGR) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its position in shares of The Progressive Co. (NYSE:PGR) by 3.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 524,838 shares of the insurance provider’s stock after selling 20,457 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Progressive worth $133,183,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Concurrent Investment Advisors LLC raised its holdings in Progressive by 66.4% in the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after buying an additional 2,719 shares during the period. Diversified Trust Co lifted its holdings in shares of Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after acquiring an additional 11,770 shares in the last quarter. Councilmark Asset Management LLC purchased a new stake in Progressive during the 1st quarter worth $1,890,000. Sycomore Asset Management increased its holdings in Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares in the last quarter. Finally, Sumitomo Life Insurance Co. purchased a new position in Progressive in the second quarter valued at about $981,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Jo Murphy sold 9,512 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,843 shares of company stock valued at $18,674,912. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PGR. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research report on Monday, August 12th. Roth Mkm increased their price objective on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Piper Sandler boosted their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Jefferies Financial Group raised their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Thursday, October 24th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average price target of $263.19.

Progressive Stock Performance

Shares of PGR traded up $1.02 during mid-day trading on Wednesday, hitting $242.70. The stock had a trading volume of 135,380 shares, compared to its average volume of 2,455,479. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $260.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market cap of $142.14 billion, a PE ratio of 17.56, a PEG ratio of 0.67 and a beta of 0.35. The company’s fifty day simple moving average is $250.69 and its two-hundred day simple moving average is $226.17.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s payout ratio is 2.91%.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.