Avanza Fonder AB Lowers Holdings in The Progressive Co. (NYSE:PGR)

Avanza Fonder AB lessened its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 10.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 42,682 shares of the insurance provider's stock after selling 5,194 shares during the period. Avanza Fonder AB's holdings in Progressive were worth $12,003,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Sycomore Asset Management increased its position in shares of Progressive by 42.8% during the fourth quarter. Sycomore Asset Management now owns 51,770 shares of the insurance provider's stock worth $13,066,000 after acquiring an additional 15,512 shares in the last quarter. Vivid Wealth Management LLC bought a new stake in shares of Progressive during the fourth quarter worth about $2,143,000. Van ECK Associates Corp increased its position in shares of Progressive by 3.4% during the fourth quarter. Van ECK Associates Corp now owns 16,199 shares of the insurance provider's stock worth $3,881,000 after acquiring an additional 527 shares in the last quarter. Allstate Corp bought a new stake in shares of Progressive during the fourth quarter worth about $4,205,000. Finally, Baird Financial Group Inc. increased its position in shares of Progressive by 3.1% during the fourth quarter. Baird Financial Group Inc. now owns 3,667,903 shares of the insurance provider's stock worth $878,866,000 after acquiring an additional 111,659 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In related news, insider Steven Broz sold 1,267 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total value of $351,985.27. Following the completion of the transaction, the insider now directly owns 28,888 shares of the company's stock, valued at approximately $8,025,375.28. This trade represents a 4.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the completion of the transaction, the chief financial officer now directly owns 248,024 shares of the company's stock, valued at approximately $66,616,766.16. This trade represents a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,755 shares of company stock valued at $10,367,074. Company insiders own 0.34% of the company's stock.

Progressive Stock Performance

Shares of Progressive stock traded down $0.84 on Friday, reaching $267.58. 3,152,193 shares of the company traded hands, compared to its average volume of 2,680,269. The Progressive Co. has a 52 week low of $203.39 and a 52 week high of $292.99. The company has a 50 day moving average of $275.93 and a 200 day moving average of $264.55. The firm has a market capitalization of $156.86 billion, a PE ratio of 18.58, a PEG ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Barclays upped their price objective on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective for the company in a research report on Monday, April 28th. Wells Fargo & Company upped their price objective on shares of Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, Roth Mkm upped their price objective on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $288.59.

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.