E. Ohman J or Asset Management AB Decreases Holdings in The Progressive Corporation $PGR

Key Points

• E. Ohman J or Asset Management AB has reduced its holdings in The Progressive Corporation by 15.6% in the second quarter, now owning 180,512 shares valued at approximately $48 million.
• Several large investors have significantly increased their stakes in Progressive, with Highline Wealth Partners LLC boosting its position by 114% in the first quarter.
• Progressive has announced a quarterly dividend of $0.10 per share, with a dividend yield of 0.2%, payable on October 10th for investors of record on October 2nd.

E. Ohman J or Asset Management AB decreased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 15.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 180,512 shares of the insurance provider's stock after selling 33,287 shares during the period. Progressive makes up about 1.2% of E. Ohman J or Asset Management AB's holdings, making the stock its 15th biggest holding. E. Ohman J or Asset Management AB's holdings in Progressive were worth $48,171,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC boosted its position in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares during the period. TruNorth Capital Management LLC lifted its stake in shares of Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 63 shares during the last quarter. HWG Holdings LP purchased a new stake in Progressive during the 1st quarter valued at about $28,000. Garde Capital Inc. bought a new position in Progressive during the 1st quarter worth approximately $33,000. Finally, Ransom Advisory Ltd purchased a new position in Progressive in the 1st quarter worth approximately $35,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling

In related news, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. This trade represents a 17.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 6,232 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $249.96, for a total transaction of $1,557,750.72. Following the sale, the insider directly owned 21,612 shares in the company, valued at $5,402,135.52. The trade was a 22.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 139,010 shares of company stock valued at $34,547,699 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PGR. Barclays dropped their price objective on Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research note on Tuesday, August 19th. Keefe, Bruyette & Woods dropped their price target on shares of Progressive from $290.00 to $268.00 and set a "market perform" rating for the company in a research report on Thursday, July 17th. Cantor Fitzgerald upgraded shares of Progressive to a "hold" rating in a research report on Wednesday, August 13th. UBS Group lowered their price objective on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research note on Monday, July 21st. Finally, Morgan Stanley raised their target price on Progressive from $265.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Friday, August 22nd. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, Progressive has a consensus rating of "Moderate Buy" and an average target price of $284.82.

Progressive Price Performance

Shares of NYSE PGR opened at $248.29 on Monday. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The stock has a market capitalization of $145.55 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.44 and a beta of 0.32. The company's 50-day moving average is $246.44 and its 200 day moving average is $264.58. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31.

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

Progressive Announces Dividend

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

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.

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