State of Alaska Department of Revenue Sells 2,995 Shares of The Progressive Co. (NYSE:PGR)

24 Dec 2023, 16:18 by Mitch Edgeman · The Markets Daily

State of Alaska Department of Revenue decreased its holdings in shares of The Progressive Co. (NYSE:PGR – Free Report) by 3.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 85,999 shares of the insurance provider’s stock after selling 2,995 shares during the quarter. State of Alaska Department of Revenue’s holdings in Progressive were worth $11,979,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PGR. Markel Corp grew its stake in shares of Progressive by 4.1% during the first quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after buying an additional 29,750 shares during the last quarter. Roundview Capital LLC boosted its holdings in shares of Progressive by 0.8% in the first quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock valued at $5,595,000 after purchasing an additional 381 shares during the period. Cibc World Market Inc. boosted its holdings in shares of Progressive by 3.9% in the first quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock valued at $763,000 after purchasing an additional 254 shares during the period. Moors & Cabot Inc. boosted its holdings in shares of Progressive by 8.0% in the first quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock valued at $351,000 after purchasing an additional 228 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its holdings in shares of Progressive by 103.5% in the first quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock valued at $800,000 after purchasing an additional 3,571 shares during the period. Institutional investors own 83.66% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PGR shares. JPMorgan Chase & Co. boosted their price target on Progressive from $146.00 to $149.00 and gave the company an “overweight” rating in a report on Monday, October 2nd. The Goldman Sachs Group boosted their price target on Progressive from $140.00 to $160.00 and gave the company a “neutral” rating in a report on Tuesday, November 7th. BMO Capital Markets upgraded Progressive from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $155.00 to $180.00 in a report on Wednesday, October 25th. Wells Fargo & Company upgraded Progressive from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $144.00 to $176.00 in a report on Monday, December 18th. Finally, Keefe, Bruyette & Woods upped their target price on Progressive from $135.00 to $145.00 and gave the stock a “market perform” rating in a report on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $163.60.

Check Out Our Latest Analysis on PGR

Progressive Stock Performance

Shares of PGR stock opened at $157.76 on Friday. The business’s fifty day simple moving average is $159.19 and its 200-day simple moving average is $141.98. The company has a market cap of $92.30 billion, a PE ratio of 34.22, a PEG ratio of 1.10 and a beta of 0.42. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.41. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $165.57.

Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings results on Friday, October 13th. The insurance provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.38. Progressive had a return on equity of 17.36% and a net margin of 4.67%. The business had revenue of $15.71 billion for the quarter, compared to the consensus estimate of $15.66 billion. Analysts expect that The Progressive Co. will post 5.46 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, January 19th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.25%. The ex-dividend date of this dividend is Thursday, January 18th. Progressive’s payout ratio is 18.44%.

Insider Activity at Progressive

In related news, insider Andrew J. Quigg sold 4,052 shares of the company’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $164.28, for a total value of $665,662.56. Following the transaction, the insider now directly owns 25,769 shares of the company’s stock, valued at approximately $4,233,331.32. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Andrew J. Quigg sold 4,052 shares of the company’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $164.28, for a total value of $665,662.56. Following the transaction, the insider now directly owns 25,769 shares of the company’s stock, valued at approximately $4,233,331.32. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jeffrey D. Kelly sold 15,000 shares of the company’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $150.00, for a total value of $2,250,000.00. Following the completion of the transaction, the director now directly owns 36,809 shares in the company, valued at $5,521,350. The disclosure for this sale can be found here. Insiders have sold a total of 115,772 shares of company stock valued at $18,619,379 in the last ninety days. Company insiders own 0.34% of the company’s stock.

About Progressive

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