E. Ohman J or Asset Management AB Sells 12,612 Shares of The Progressive Corporation $PGR

E. Ohman J or Asset Management AB cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 6.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 180,983 shares of the insurance provider’s stock after selling 12,612 shares during the quarter. Progressive makes up approximately 0.9% of E. Ohman J or Asset Management AB’s portfolio, making the stock its 24th biggest position. E. Ohman J or Asset Management AB’s holdings in Progressive were worth $39,536,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PGR. Norges Bank acquired a new stake in shares of Progressive in the fourth quarter valued at about $1,836,094,000. Wellington Management Group LLP lifted its stake in shares of Progressive by 181.8% in the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after acquiring an additional 4,197,212 shares during the period. Diamant Asset Management Inc. lifted its stake in shares of Progressive by 19,724.0% in the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock worth $806,614,000 after acquiring an additional 4,048,351 shares during the period. Life Cycle Investment Partners Ltd bought a new stake in Progressive in the fourth quarter valued at approximately $353,906,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Progressive by 193.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock valued at $502,519,000 after purchasing an additional 1,454,111 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.8%

Shares of NYSE:PGR opened at $213.68 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $254.93. The business’s 50 day simple moving average is $213.41 and its two-hundred day simple moving average is $206.36. The firm has a market cap of $124.23 billion, a P/E ratio of 10.72, a PEG ratio of 2.90 and a beta of 0.27.

Analyst Ratings Changes

PGR has been the subject of several analyst reports. Wells Fargo & Company lowered their price target on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday, July 16th. William Blair reaffirmed a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. JPMorgan Chase & Co. decreased their price objective on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Bank of America lowered their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. Finally, UBS Group boosted their target price on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $235.26.

Insider Activity at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares of the company’s stock, valued at $9,370,900. This trade represents a 7.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock valued at $15,880,459 over the last three months. 0.32% of the stock is currently 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.