State of New Jersey Common Pension Fund D Has $51.01 Million Holdings in The Progressive Corporation $PGR

State of New Jersey Common Pension Fund D grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 3.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 206,542 shares of the insurance provider’s stock after buying an additional 6,943 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Progressive were worth $51,006,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Pelham Capital Ltd. lifted its position in shares of Progressive by 32.6% during the 3rd quarter. Pelham Capital Ltd. now owns 27,975 shares of the insurance provider’s stock valued at $6,908,000 after acquiring an additional 6,875 shares during the period. Aberdeen Group plc increased its stake in Progressive by 1.3% in the third quarter. Aberdeen Group plc now owns 477,997 shares of the insurance provider’s stock valued at $117,322,000 after purchasing an additional 6,273 shares in the last quarter. Berkshire Asset Management LLC PA raised its holdings in shares of Progressive by 2.8% during the third quarter. Berkshire Asset Management LLC PA now owns 6,282 shares of the insurance provider’s stock valued at $1,551,000 after purchasing an additional 174 shares during the period. TCTC Holdings LLC boosted its position in shares of Progressive by 1.9% during the 3rd quarter. TCTC Holdings LLC now owns 8,416 shares of the insurance provider’s stock worth $2,078,000 after purchasing an additional 157 shares in the last quarter. Finally, Naviter Wealth LLC grew its stake in shares of Progressive by 6.1% in the 3rd quarter. Naviter Wealth LLC now owns 6,166 shares of the insurance provider’s stock valued at $1,523,000 after buying an additional 356 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PGR shares. Wells Fargo & Company dropped their price target on Progressive from $240.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 29th. The Goldman Sachs Group set a $227.00 target price on Progressive in a research report on Wednesday, January 7th. Jefferies Financial Group set a $216.00 target price on Progressive in a report on Wednesday. Evercore decreased their price target on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating for the company in a research note on Wednesday, January 7th. Finally, Mizuho set a $240.00 price objective on shares of Progressive in a research note on Wednesday, January 14th. Seven research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $250.35.

Progressive Trading Down 0.5%

NYSE PGR opened at $204.43 on Friday. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $214.98 and a 200 day simple moving average of $227.90. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The firm has a market capitalization of $119.88 billion, a P/E ratio of 10.63, a PEG ratio of 7.16 and a beta of 0.32.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

Insider Activity

In other news, insider Andrew J. Quigg sold 1,649 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the transaction, the insider owned 39,626 shares in the company, valued at $8,097,573.10. The trade was a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,443 shares of company stock valued at $2,723,061 in the last three months. 0.34% of the stock is owned by company insiders.

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.