New Mexico Educational Retirement Board grew its holdings in Progressive Corp (NYSE:PGR) by 3.7% during the fourth quarter, HoldingsChannel reports. The firm owned 55,975 shares of the insurance provider’s stock after acquiring an additional 2,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Progressive were worth $3,153,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Exane Derivatives acquired a new position in Progressive in the fourth quarter worth $104,000. Balentine LLC boosted its stake in Progressive by 3,273.0% in the third quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock worth $121,000 after purchasing an additional 2,422 shares in the last quarter. First Personal Financial Services boosted its stake in Progressive by 101.8% in the fourth quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock worth $124,000 after purchasing an additional 1,111 shares in the last quarter. W. E. Donoghue & Co. LLC acquired a new position in Progressive in the second quarter worth $200,000. Finally, Tiedemann Wealth Management LLC acquired a new position in Progressive in the third quarter worth $200,000. 78.27% of the stock is currently owned by institutional investors.
PGR has been the subject of a number of recent research reports. Keefe, Bruyette & Woods restated a “buy” rating and set a $60.00 target price on shares of Progressive in a research report on Wednesday, December 6th. Goldman Sachs Group initiated coverage on Progressive in a research report on Monday, December 4th. They set a “buy” rating and a $57.00 target price for the company. UBS Group restated a “buy” rating and set a $62.00 target price on shares of Progressive in a research report on Friday, December 1st. MKM Partners boosted their target price on Progressive to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 16th. Finally, Morgan Stanley boosted their target price on Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 18th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Progressive presently has a consensus rating of “Hold” and an average target price of $50.65.
Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. The business had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.62 billion. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The firm’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.66 earnings per share. equities analysts expect that Progressive Corp will post 3.42 EPS for the current fiscal year.
The business also recently disclosed an annual dividend, which was paid on Friday, February 9th. Investors of record on Friday, February 2nd were issued a $1.125 dividend. The ex-dividend date was Thursday, February 1st. This represents a yield of 0.0203325501536237%. Progressive’s dividend payout ratio is presently 41.18%.
In related news, insider William M. Cody sold 25,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was 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 owns 137,722 shares in the company, valued at $7,726,204.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.56% of the company’s stock.
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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.
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