2,880 Shares in The Progressive Corporation $PGR Purchased by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,880 shares of the insurance provider’s stock, valued at approximately $629,000.

A number of other large investors have also added to or reduced their stakes in the stock. Brighton Jones LLC lifted its stake in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Progressive during the 4th quarter valued at $269,000. Bison Wealth LLC grew its stake in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the period. HUB Investment Partners LLC increased its holdings in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after acquiring an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC raised its stake in Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after acquiring an additional 1,622 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $218.90 on Friday. The business’s 50-day moving average price is $217.19 and its two-hundred day moving average price is $207.23. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $249.83. The stock has a market cap of $127.26 billion, a P/E ratio of 10.98, a PEG ratio of 2.91 and a beta of 0.27. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to analyst estimates of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.Progressive’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.40 earnings per share. As a group, equities analysts predict that The Progressive Corporation will post 17.74 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is presently 2.01%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PGR shares. Keefe, Bruyette & Woods upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $226.00 to $250.00 in a research report on Thursday, August 20th. Cantor Fitzgerald dropped their price target on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research note on Monday, August 17th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a report on Wednesday, August 19th. William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Finally, Mizuho set a $236.00 price target on Progressive in a research report on Wednesday, August 5th. Seven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $236.26.

Insider Activity

In related news, CIO Jonathan S. Bauer sold 2,242 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $476,895.82. Following the transaction, the executive owned 26,250 shares of the company’s stock, valued at $5,583,637.50. This represents a 7.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 Progressive stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the sale, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 83,449 shares of company stock worth $17,685,203. Corporate insiders own 0.32% of the company’s stock.

Progressive Company 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.