Skandinaviska Enskilda Banken AB publ Sells 141,688 Shares of The Progressive Corporation $PGR

Skandinaviska Enskilda Banken AB publ lowered its holdings in The Progressive Corporation (NYSE:PGR) by 16.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 695,016 shares of the insurance provider’s stock after selling 141,688 shares during the quarter. Progressive makes up 0.8% of Skandinaviska Enskilda Banken AB publ’s portfolio, making the stock its 18th biggest position. Skandinaviska Enskilda Banken AB publ owned 0.12% of Progressive worth $185,472,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rise Advisors LLC raised its stake in Progressive by 7.4% in the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after buying an additional 36 shares in the last quarter. LRI Investments LLC raised its position in shares of Progressive by 13.4% in the 2nd quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock worth $90,000 after acquiring an additional 40 shares in the last quarter. True North Advisors LLC raised its position in shares of Progressive by 4.0% in the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock worth $299,000 after acquiring an additional 41 shares in the last quarter. CVA Family Office LLC lifted its stake in shares of Progressive by 4.2% during the 2nd quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock worth $281,000 after purchasing an additional 42 shares during the last quarter. Finally, Bell Investment Advisors Inc boosted its position in Progressive by 20.8% during the second quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 44 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Up 1.4%

Shares of Progressive stock opened at $229.54 on Friday. The stock has a market cap of $134.60 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The firm has a fifty day moving average price of $227.59 and a 200 day moving average price of $247.10. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

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

Insider Buying and Selling

In related news, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05. Following the sale, the insider directly owned 27,698 shares of the company’s stock, valued at $6,323,176.42. This trade represents a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive 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 transaction, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 43,332 shares of company stock worth $10,564,558 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on PGR shares. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Citigroup cut their price objective on shares of Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Raymond James Financial decreased their target price on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. Jefferies Financial Group downgraded shares of Progressive from a “buy” rating to a “hold” rating and lowered their target price for the company from $261.00 to $232.00 in a research note on Friday, November 14th. Finally, Morgan Stanley set a $214.00 price target on Progressive and gave the stock an “underweight” rating in a research report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Progressive has a consensus rating of “Hold” and an average price target of $266.52.

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.