The New York State Teachers Retirement System has increased its stake in The Progressive Corporation, raising its position by 2.4% during the third quarter of 2023. According to Holdings Channel, the system now holds 501,395 shares of the insurance provider’s stock, having acquired an additional 11,837 shares in this period. The total value of these holdings amounted to approximately $123.8 million at the close of the most recent reporting period.
Several other institutional investors have also adjusted their positions in Progressive. Davis Capital Management entered the company with a new position valued at around $25,000 during the third quarter. Similarly, Atlantic Union Bankshares Corp purchased shares in the second quarter, investing approximately $33,000. Notably, Westside Investment Management Inc. significantly increased its stake by 900% during the same quarter, bringing its total to 130 shares worth about $34,000, after acquiring an additional 117 shares.
The trend continues with Howard Hughes Medical Institute also adding a new stake valued at about $34,000, and Richardson Financial Services Inc. dramatically expanding its holdings by 1,885.7%, now owning 139 shares valued at $37,000. Overall, institutional investors and hedge funds collectively own 85.34% of Progressive’s stock.
Progressive’s Stock Performance and Dividend Declaration
As of the latest trading session, Progressive shares opened at $214.97. The stock has seen a one-year low of $199.90 and a high of $292.99. The company maintains a debt-to-equity ratio of 0.19, with a quick ratio and current ratio both at 0.29. Progressive’s market capitalization stands at approximately $126.06 billion, with a price-to-earnings ratio of 11.79 and a PEG ratio of 1.31.
Additionally, Progressive recently declared its quarterly dividend of $0.10 per share, which was paid on January 8, 2024. Shareholders on record as of January 2 received this dividend, translating to an annualized payout of $0.40 and a yield of 0.2%. The ex-dividend date was also on January 2, with the company’s payout ratio noted at 2.19%.
Analyst Opinions and Insider Activity
Recent reports from analysts show a mixed outlook for Progressive. Keefe, Bruyette & Woods raised their price target from $250.00 to $252.00, maintaining a “market perform” rating. Conversely, Citigroup lowered its target from $301.38 to $300.60, while BMO Capital Markets revised their price target down from $256.00 to $253.00, also assigning a “market perform” rating.
In total, one analyst has given a “Strong Buy” rating, seven have rated it as a “Buy,” twelve as “Hold,” and two as “Sell.” The average rating sits at “Hold,” with a price target averaging $260.74 according to data from MarketBeat.com.
In terms of insider trading, John P. Sauerland, the Chief Financial Officer, sold 5,000 shares on November 28 for an average price of $228.48, totaling $1,142,400. Following this transaction, Sauerland retains 223,024 shares valued at approximately $50.96 million, marking a decrease of 2.19% in his position. Another insider, Steven Broz, sold 1,344 shares on December 19, valued at $302,131.20, reducing his ownership by 4.85%.
Over the past 90 days, insiders have sold a total of 9,034 shares worth approximately $2.05 million, with insiders currently holding 0.34% of the company’s stock.
The Progressive Corporation remains a major player in the property and casualty insurance sector, primarily offering personal auto insurance and a broad range of related products. Its distribution strategy includes both direct channels and a wide network of independent agents, ensuring a comprehensive approach to meeting customer needs.
