The National Pension Service has raised its investment in The Progressive Corporation (NYSE:PGR) by 4.0% during the second quarter of 2023, according to a report from HoldingsChannel. This increase means the pension fund now holds approximately 1,408,771 shares of the insurance company, valued at around $375,945,000 based on its most recent filing with the Securities and Exchange Commission.
Multiple institutional investors have also adjusted their positions in Progressive recently. For instance, New York Life Investment Management LLC boosted its holdings by 1.4% during the same quarter, now owning 87,760 shares worth about $23,420,000. Other notable changes include Wakefield Asset Management LLLP, which increased its stake by an impressive 199.0%, now holding 9,411 shares valued at $2,511,000 after acquiring an additional 6,263 shares. Overall, institutional investors and hedge funds currently own approximately 85.34% of Progressive’s stock.
Recent Analyst Ratings and Stock Performance
Several brokerages have revised their ratings and price targets for Progressive. For example, Evercore ISI reduced its price target from $275.00 to $273.00 while maintaining an “in-line” rating as of October 1, 2023. Similarly, Jefferies Financial Group decreased its target from $309.00 to $287.00, assigning a “buy” rating. Overall, market analysts have generally held a cautious stance, with eight analysts rating the stock as a buy, eleven as a hold, and one as a sell. The consensus target price currently stands at $269.90.
On October 15, 2023, Progressive reported its earnings for the quarter, revealing an earnings per share (EPS) of $4.45, which fell short of the consensus estimate of $5.04. The company generated revenues of $21.38 billion, slightly below the forecast of $21.64 billion. Despite these results, analysts predict that Progressive will achieve an EPS of $14.68 for the current fiscal year.
Insider Trading Activity
In other news concerning Progressive, insiders have been active in selling shares. On September 19, 2023, Steven Broz, an insider, sold 1,345 shares at an average price of $242.10, totaling approximately $325,624.50. Following this transaction, Broz retained ownership of 30,388 shares valued at around $7,356,934.80. Another insider, John Jo Murphy, sold 2,218 shares on August 22, 2023, for a total of $556,230.04. These sales have led to a 4.24% and a 4.63% decrease in their respective ownership stakes.
Progressive’s stock has seen a modest increase of 1.0% recently, with shares opening at $219.73. The company boasts a market capitalization of $128.85 billion, with a price-to-earnings ratio of 12.05. The stock has fluctuated between a twelve-month low of $199.90 and a high of $292.99.
The Progressive Corporation, recognized as a leading insurance holding company, provides a range of personal and commercial insurance products, including auto and property insurance. As it continues to navigate the complexities of the insurance market, stakeholder interest remains high, reflecting confidence in its long-term growth potential.
