Teacher Retirement System of Texas Increases Position in The Progressive Corporation $PGR

Teacher Retirement System of Texas lifted its holdings in The Progressive Corporation (NYSE:PGR) by 20.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 275,072 shares of the insurance provider’s stock after buying an additional 47,471 shares during the quarter. Teacher Retirement System of Texas’ holdings in Progressive were worth $67,929,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Davis Capital Management purchased a new stake in Progressive in the third quarter worth $25,000. Atlantic Union Bankshares Corp purchased a new position in Progressive in the 2nd quarter worth about $33,000. Westside Investment Management Inc. lifted its holdings in Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares in the last quarter. Howard Hughes Medical Institute purchased a new stake in Progressive in the 2nd quarter valued at about $34,000. Finally, Richardson Financial Services Inc. grew its stake in Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Barclays upgraded Progressive from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $257.00 to $265.00 in a report on Thursday, January 8th. Mizuho set a $240.00 price target on Progressive in a research note on Wednesday, January 14th. The Goldman Sachs Group set a $227.00 price objective on Progressive in a report on Wednesday, January 7th. Finally, Evercore ISI dropped their target price on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating on the stock in a report on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $259.39.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $224.80, for a total value of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. This trade represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the sale, the executive owned 26,249 shares in the company, valued at $5,363,983.15. The trade was a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 13,788 shares of company stock worth $3,018,961. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Up 1.9%

Shares of Progressive stock opened at $206.94 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19. The company has a market cap of $121.35 billion, a P/E ratio of 11.35, a PEG ratio of 1.24 and a beta of 0.34. The firm’s 50 day moving average price is $221.60 and its 200-day moving average price is $232.61. The Progressive Corporation has a 52-week low of $198.50 and a 52-week high of $292.99.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.19%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.