AMF Tjanstepension AB Acquires 77,358 Shares of The Progressive Corporation $PGR

Key Points

• AMF Tjanstepension AB increased its holdings in The Progressive Corporation by 62.1%, acquiring an additional 77,358 shares during the second quarter, resulting in total holdings worth approximately $53.9 million.
• Progressive's recent quarterly earnings report revealed an EPS of $4.88, beating analysts' expectations, while the company's revenue reached $20.08 billion for the quarter.
• A quarterly dividend of $0.10 per share has been declared, with the payment scheduled for October 10th, reflecting an annualized dividend yield of 0.2%.

AMF Tjanstepension AB grew its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 62.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 202,028 shares of the insurance provider's stock after purchasing an additional 77,358 shares during the quarter. AMF Tjanstepension AB's holdings in Progressive were worth $53,915,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Integrated Advisors Network LLC increased its position in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after acquiring an additional 36 shares in the last quarter. Rise Advisors LLC increased its holdings in Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock worth $147,000 after purchasing an additional 36 shares in the last quarter. Pines Wealth Management LLC increased its holdings in Progressive by 3.0% during the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after purchasing an additional 37 shares in the last quarter. Beacon Financial Group lifted its holdings in shares of Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after purchasing an additional 39 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its position in shares of Progressive by 2.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider's stock worth $545,000 after buying an additional 39 shares during the period. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

Shares of PGR opened at $246.10 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company's fifty day simple moving average is $245.14 and its 200 day simple moving average is $260.84. The Progressive Corporation has a 1-year low of $228.54 and a 1-year high of $292.99. The company has a market cap of $144.27 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 1.36 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. The company's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.48 EPS. On average, research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 2nd. Progressive's payout ratio is 2.25%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PGR shares. Bank of America lifted their target price on Progressive from $343.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, September 29th. Barclays lowered their price objective on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating on the stock in a report on Tuesday, August 19th. Keefe, Bruyette & Woods increased their target price on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday, September 18th. Morgan Stanley decreased their target price on shares of Progressive from $267.00 to $265.00 and set an "equal weight" rating for the company in a research report on Monday, September 22nd. Finally, Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Sunday, September 21st. Seven research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, Progressive presently has a consensus rating of "Hold" and an average price target of $279.63.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The stock was 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. This trade represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the transaction, the insider owned 30,388 shares of the company's stock, valued at $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,045 shares of company stock valued at $31,997,390. Company insiders own 0.34% of the company's stock.

About Progressive

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.

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