California State Teachers Retirement System Has $118.38 Million Holdings in The Progressive Co. (NYSE:PGR)

California State Teachers Retirement System raised its position in The Progressive Co. (NYSE:PGR – Get Rating) by 1.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 1,018,695 shares of the insurance provider’s stock after acquiring an additional 19,051 shares during the period. California State Teachers Retirement System owned approximately 0.17% of Progressive worth $118,383,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PGR. Quent Capital LLC boosted its position in shares of Progressive by 29.4% during the third quarter. Quent Capital LLC now owns 348 shares of the insurance provider’s stock valued at $41,000 after buying an additional 79 shares during the last quarter. McKinley Carter Wealth Services Inc. boosted its position in shares of Progressive by 1.7% during the third quarter. McKinley Carter Wealth Services Inc. now owns 5,927 shares of the insurance provider’s stock valued at $689,000 after buying an additional 99 shares during the last quarter. Bellecapital International Ltd. boosted its position in shares of Progressive by 2.8% during the third quarter. Bellecapital International Ltd. now owns 3,676 shares of the insurance provider’s stock valued at $427,000 after buying an additional 100 shares during the last quarter. International Assets Investment Management LLC boosted its position in shares of Progressive by 5.1% during the third quarter. International Assets Investment Management LLC now owns 2,129 shares of the insurance provider’s stock valued at $247,000 after buying an additional 103 shares during the last quarter. Finally, Highland Private Wealth Management boosted its position in shares of Progressive by 5.1% during the third quarter. Highland Private Wealth Management now owns 2,205 shares of the insurance provider’s stock valued at $256,000 after buying an additional 106 shares during the last quarter. Institutional investors and hedge funds own 83.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PGR. Raymond James lifted their target price on Progressive from $145.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, January 26th. Keefe, Bruyette & Woods boosted their price objective on Progressive from $127.00 to $140.00 and gave the stock a “market perform” rating in a research report on Friday, February 17th. BMO Capital Markets boosted their price objective on Progressive from $155.00 to $165.00 and gave the stock an “outperform” rating in a research report on Thursday, February 16th. Piper Sandler raised Progressive from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $133.00 to $138.00 in a research report on Monday, February 13th. Finally, Barclays boosted their price objective on Progressive from $104.00 to $109.00 and gave the stock an “underweight” rating in a research report on Thursday, December 15th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $136.62.

Progressive Stock Performance

NYSE:PGR opened at $135.06 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.37 and a current ratio of 0.37. The Progressive Co. has a 52-week low of $104.01 and a 52-week high of $146.50. The firm has a market cap of $79.06 billion, a price-to-earnings ratio of 114.46, a PEG ratio of 0.90 and a beta of 0.50. The business’s fifty day moving average is $137.48 and its 200 day moving average is $130.08.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Thursday, April 6th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, April 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.30%. Progressive’s payout ratio is 33.90%.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 26,885 shares of the business’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $130.36, for a total transaction of $3,504,728.60. Following the sale, the chief executive officer now directly owns 431,810 shares in the company, valued at approximately $56,290,751.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Progressive news, insider Steven Broz sold 5,170 shares of the company’s stock in a transaction dated Friday, December 16th. The stock was sold at an average price of $127.07, for a total value of $656,951.90. Following the transaction, the insider now directly owns 26,323 shares in the company, valued at approximately $3,344,863.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 26,885 shares of the company’s stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $130.36, for a total value of $3,504,728.60. Following the completion of the transaction, the chief executive officer now owns 431,810 shares in the company, valued at $56,290,751.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,838 shares of company stock worth $7,864,579. 0.33% of the stock is owned by company insiders.

About Progressive

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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.