E. Ohman J or Asset Management AB Sells 12,612 Shares of The Progressive Corporation $PGR

Key Points

• E. Ohman J or Asset Management AB reduced its Progressive stake by 6.5%, selling 12,612 shares and retaining 180,983 shares valued at approximately $39.5 million. Institutional investors and hedge funds collectively own 85.34% of PGR.
• Progressive shares opened at $213.68, near their 50-day average, with a market capitalization of $124.23 billion and a price-to-earnings ratio of 10.72.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $235.26; recent targets range from $198 to $308.

E. Ohman J or Asset Management AB cut its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 6.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 180,983 shares of the insurance provider's stock after selling 12,612 shares during the quarter. Progressive accounts for 0.9% of E. Ohman J or Asset Management AB's holdings, making the stock its 24th largest position. E. Ohman J or Asset Management AB's holdings in Progressive were worth $39,536,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bard Associates Inc. acquired a new stake in Progressive during the fourth quarter worth approximately $27,000. Bogart Wealth LLC raised its holdings in Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after acquiring an additional 87 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new position in Progressive in the 4th quarter valued at $29,000. HHM Wealth Advisors LLC grew its holdings in shares of Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after purchasing an additional 126 shares in the last quarter. Finally, Acumen Wealth Advisors LLC bought a new position in shares of Progressive in the fourth quarter worth $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.8%

NYSE PGR opened at $213.68 on Tuesday. The company has a market cap of $124.23 billion, a price-to-earnings ratio of 10.72, a price-to-earnings-growth ratio of 2.90 and a beta of 0.27. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The business's fifty day moving average is $213.41 and its 200 day moving average is $206.36.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 37,338 shares of the company's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the transaction, the chief executive officer owned 522,776 shares of the company's stock, valued at $111,199,682.96. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the firm's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares of the company's stock, valued at approximately $6,880,743.08. This trade represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 74,885 shares of company stock valued at $15,880,459. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on PGR. Mizuho set a $236.00 price target on Progressive in a research note on Wednesday, August 5th. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a research note on Friday, May 22nd. Wells Fargo & Company decreased their target price on shares of Progressive from $205.00 to $198.00 and set an "underweight" rating on the stock in a report on Thursday, July 16th. JPMorgan Chase & Co. dropped their target price on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a research report on Tuesday, August 4th. Finally, Bank of America cut their price target on shares of Progressive from $313.00 to $308.00 and set a "buy" rating for the company in a report on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $235.26.

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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