The New York State Teachers Retirement System has increased its investment in The Progressive Corporation (NYSE: PGR) by 2.4% during the third quarter of 2023. As reported by Holdings Channel, the retirement system now holds 501,395 shares of the insurance provider’s stock, valued at approximately $123,819,000 following the acquisition of an additional 11,837 shares during this period.
Other institutional investors have also made notable adjustments to their positions in Progressive. For instance, Davis Capital Management established a new position in the company during the same quarter, worth around $25,000. Atlantic Union Bankshares Corp invested approximately $33,000 in the second quarter, while Westside Investment Management Inc. raised its position by an impressive 900.0%, now owning 130 shares valued at $34,000. In total, institutional investors and hedge funds control 85.34% of Progressive’s stock.
Progressive’s Stock Performance and Dividend Declaration
On the trading front, Progressive’s stock opened at $214.97 recently, having experienced a one-year low of $199.90 and a one-year high of $292.99. The company boasts a market capitalization of $126.06 billion and maintains a price-to-earnings ratio of 11.79 alongside a low debt-to-equity ratio of 0.19.
Additionally, Progressive announced a quarterly dividend of $0.10 per share, paid on January 8, 2024, for shareholders of record as of January 2, 2024. This dividend translates to an annualized yield of 0.2% and a payout ratio of 2.19%.
Analyst Ratings and Recent Trades
In the realm of analyst ratings, several firms have recently updated their assessments of Progressive. Keefe, Bruyette & Woods raised their price target from $250.00 to $252.00, maintaining a “market perform” rating. In contrast, Citigroup lowered its target price from $301.38 to $300.60, while BMO Capital Markets adjusted their target from $256.00 to $253.00. Mizuho initiated coverage with a “neutral” rating, setting a target of $242.00. Barclays upgraded its rating from “equal weight” to “overweight,” raising their target price to $265.00.
Currently, Progressive enjoys a favorable outlook with one analyst rating it as a Strong Buy, seven as Buy, twelve as Hold, and two as Sell. According to data from MarketBeat.com, the average rating stands at “Hold” with a target price of $260.74.
Insider activity also highlights developments within the company. CFO John P. Sauerland sold 5,000 shares at an average price of $228.48 on November 28, 2023, for a total of $1,142,400. Meanwhile, insider Steven Broz sold 1,344 shares on December 19, 2023, at an average price of $224.80, amounting to $302,131.20.
These transactions reflect a broader trend, as insiders have sold 9,034 shares valued at $2,047,481 over the past 90 days, indicating a modest insider ownership of 0.34%.
The Progressive Corporation, headquartered in the United States, primarily underwrites personal auto insurance and offers a wide range of related products. Its services include coverage for private passenger vehicles, commercial auto fleets, and recreational vehicles, as well as homeowners, renters, and specialty property and casualty products. The company distributes its offerings through a mix of direct channels and an extensive network of independent agents.
