Arbejdsmarkedets Tillaegspension Takes Position in The Progressive Corporation $PGR

Key Points

• Arbejdsmarkedets Tillaegspension opened a new position in Progressive, buying 102,757 shares worth about $23.4 million in the fourth quarter.
• Progressive reported Q1 earnings of $4.80 per share, beating estimates, while revenue reached $22.19 billion and rose 6.5% year over year.
• The company declared a quarterly dividend of $0.10 per share and analysts currently rate the stock a Hold on average, with a consensus price target of $238.39.

Arbejdsmarkedets Tillaegspension acquired a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 102,757 shares of the insurance provider's stock, valued at approximately $23,400,000.

A number of other large investors have also bought and sold shares of PGR. Vanguard Group Inc. boosted its holdings in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock worth $12,584,067,000 after buying an additional 593,612 shares during the period. State Street Corp lifted its position in shares of Progressive by 0.3% during the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock worth $6,373,474,000 after acquiring an additional 78,374 shares in the last quarter. Capital International Investors lifted its position in shares of Progressive by 78.9% during the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider's stock worth $3,384,082,000 after acquiring an additional 6,045,732 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Progressive by 26.1% in the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider's stock worth $2,757,905,000 after acquiring an additional 2,314,864 shares during the period. Finally, Legal & General Group Plc grew its position in shares of Progressive by 4.9% in the third quarter. Legal & General Group Plc now owns 4,196,111 shares of the insurance provider's stock valued at $1,036,230,000 after purchasing an additional 197,603 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of NYSE PGR opened at $199.83 on Friday. The Progressive Corporation has a 1 year low of $191.75 and a 1 year high of $289.96. The stock has a market capitalization of $116.77 billion, a P/E ratio of 10.16, a P/E/G ratio of 5.69 and a beta of 0.31. The company's 50-day moving average is $201.02 and its 200 day moving average is $210.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same period last year, the business posted $4.37 earnings per share. Progressive's quarterly revenue was up 6.5% compared to the same quarter last year. On average, sell-side analysts expect that The Progressive Corporation will post 16.4 earnings per share for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.03%.

Analyst Ratings Changes

A number of research firms have recently commented on PGR. Evercore restated a "negative" rating on shares of Progressive in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods lowered their price objective on shares of Progressive from $227.00 to $210.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 7th. Piper Sandler reiterated an "overweight" rating and issued a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. Argus raised Progressive to a "hold" rating in a research note on Thursday, March 5th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $225.00 price target on shares of Progressive in a research report on Monday, February 23rd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $238.39.

Insider Transactions at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Carl G. Joyce sold 270 shares of the firm's stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the transaction, the chief accounting officer directly owned 558 shares of the company's stock, valued at $115,227. This represents a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,933 shares of company stock valued at $1,441,564 in the last three months. Company 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.

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