State of Alaska Department of Revenue Boosts Holdings in Progressive Corp (PGR)

State of Alaska Department of Revenue raised its position in Progressive Corp (NYSE:PGR) by 133.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 76,780 shares of the insurance provider’s stock after purchasing an additional 43,890 shares during the quarter. State of Alaska Department of Revenue’s holdings in Progressive were worth $4,323,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PGR. Franklin Resources Inc. raised its position in Progressive by 12.7% in the second quarter. Franklin Resources Inc. now owns 60,213 shares of the insurance provider’s stock valued at $2,655,000 after purchasing an additional 6,778 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Progressive by 121.9% during the second quarter. Ameriprise Financial Inc. now owns 474,424 shares of the insurance provider’s stock worth $20,923,000 after acquiring an additional 260,585 shares during the last quarter. Quantitative Investment Management LLC raised its position in shares of Progressive by 4.7% during the second quarter. Quantitative Investment Management LLC now owns 86,900 shares of the insurance provider’s stock worth $3,831,000 after acquiring an additional 3,900 shares during the last quarter. ETRADE Capital Management LLC bought a new position in shares of Progressive during the second quarter worth about $770,000. Finally, MML Investors Services LLC bought a new position in shares of Progressive during the second quarter worth about $281,000. Hedge funds and other institutional investors own 79.35% of the company’s stock.

Shares of Progressive Corp (NYSE:PGR) opened at $58.22 on Tuesday. The firm has a market capitalization of $33,535.05, a P/E ratio of 24.26, a price-to-earnings-growth ratio of 2.41 and a beta of 0.94. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36. Progressive Corp has a 1-year low of $36.17 and a 1-year high of $58.25.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.07. The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.04 billion. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 earnings per share. equities analysts anticipate that Progressive Corp will post 2.47 EPS for the current year.

In other Progressive news, CMO M Jeffrey Charney sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $49.50, for a total value of $297,000.00. Following the completion of the sale, the chief marketing officer now owns 102,038 shares of the company’s stock, valued at $5,050,881. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the sale, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

PGR has been the subject of a number of analyst reports. B. Riley restated a “hold” rating and set a $46.00 price objective on shares of Progressive in a research report on Wednesday, November 15th. Morgan Stanley raised their price objective on Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 18th. Barclays raised their price objective on Progressive from $41.00 to $43.00 and gave the stock an “underweight” rating in a research report on Monday, October 16th. ValuEngine downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Citigroup raised their price objective on Progressive from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 18th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $50.41.

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About Progressive

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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