State of Alaska Department of Revenue Has $15.83 Million Stock Position in The Progressive Co. (NYSE:PGR)

State of Alaska Department of Revenue lowered its position in shares of The Progressive Co. (NYSE:PGR) by 4.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 76,544 shares of the insurance provider’s stock after selling 3,665 shares during the quarter. State of Alaska Department of Revenue’s holdings in Progressive were worth $15,830,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Sachetta LLC bought a new position in shares of Progressive in the fourth quarter worth $25,000. Northwest Bank & Trust Co bought a new position in shares of Progressive in the fourth quarter worth $25,000. Valley National Advisers Inc. increased its position in shares of Progressive by 143.6% in the fourth quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 112 shares during the period. Indiana Trust & Investment Management CO bought a new position in shares of Progressive in the first quarter worth $32,000. Finally, Register Financial Advisors LLC bought a new position in Progressive in the first quarter valued at about $35,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PGR shares. The Goldman Sachs Group lifted their target price on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research report on Monday, March 25th. HSBC lifted their target price on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, March 28th. BMO Capital Markets reiterated an “outperform” rating and issued a $235.00 target price on shares of Progressive in a research report on Monday, June 17th. Morgan Stanley decreased their target price on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, June 10th. Finally, Bank of America lifted their target price on Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $216.81.

Insider Buying and Selling at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now owns 35,503 shares in the company, valued at $7,357,996.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,518 shares of company stock valued at $7,159,674. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Down 0.4 %

Shares of Progressive stock traded down $0.81 during midday trading on Wednesday, reaching $210.31. The company had a trading volume of 1,284,908 shares, compared to its average volume of 2,580,534. The stock has a fifty day moving average price of $209.36 and a 200 day moving average price of $194.64. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The firm has a market cap of $123.18 billion, a PE ratio of 21.45, a P/E/G ratio of 0.80 and a beta of 0.35. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $217.77.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the previous year, the firm earned $0.65 earnings per share. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. On average, equities analysts anticipate that The Progressive Co. will post 11.27 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

About Progressive

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.