The Progressive Corporation $PGR Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB lowered its stake in The Progressive Corporation (NYSE:PGR) by 1.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 201,601 shares of the insurance provider’s stock after selling 3,627 shares during the period. Handelsbanken Fonder AB’s holdings in Progressive were worth $53,799,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of PGR. Nuveen LLC purchased a new stake in shares of Progressive during the first quarter valued at $1,473,180,000. GQG Partners LLC lifted its stake in Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Progressive by 15.2% in the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after buying an additional 1,091,828 shares during the period. Axiom Investors LLC DE purchased a new position in shares of Progressive in the first quarter worth approximately $194,557,000. Finally, 1832 Asset Management L.P. increased its position in shares of Progressive by 123.1% in the first quarter. 1832 Asset Management L.P. now owns 1,160,302 shares of the insurance provider’s stock worth $328,377,000 after acquiring an additional 640,306 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the transaction, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 41,987 shares of company stock valued at $10,257,508 over the last three months. 0.34% of the stock is owned by insiders.

Progressive Stock Performance

Shares of NYSE PGR opened at $225.92 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99. The business’s 50-day moving average price is $229.32 and its two-hundred day moving average price is $249.07. The company has a market capitalization of $132.48 billion, a P/E ratio of 12.39, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period last year, the business earned $3.58 earnings per share. Analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

PGR has been the subject of a number of recent analyst reports. Citigroup decreased their price objective on shares of Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research note on Thursday, October 16th. Wolfe Research began coverage on Progressive in a report on Monday, September 15th. They set a “peer perform” rating on the stock. Keefe, Bruyette & Woods reduced their price objective on Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a research note on Wednesday, November 5th. Raymond James Financial decreased their price objective on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. Finally, The Goldman Sachs Group dropped their target price on Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a report on Monday, October 27th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $265.71.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.