E. Ohman J or Asset Management AB Trims Position in The Progressive Corporation $PGR

Key Points

• E. Ohman J or Asset Management AB trimmed its Progressive stake by 8.3% in the first quarter, selling 17,469 shares and leaving it with 193,595 shares valued at about $38.4 million.
• Progressive insiders also sold stock: John Jo Murphy sold 5,916 shares for $1.18 million, and Steven Broz sold 1,157 shares for $231,400, both under pre-arranged trading plans.
• The company recently posted better-than-expected EPS of $4.80 and continues to pay a quarterly dividend of $0.10 per share, while analysts currently view the stock as a Hold overall with a consensus target price of $237.58.

E. Ohman J or Asset Management AB trimmed its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 8.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 193,595 shares of the insurance provider's stock after selling 17,469 shares during the period. Progressive accounts for 1.0% of E. Ohman J or Asset Management AB's portfolio, making the stock its 20th largest holding. E. Ohman J or Asset Management AB's holdings in Progressive were worth $38,378,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Bard Associates Inc. purchased a new stake in Progressive in the 4th quarter worth $27,000. Dagco Inc. purchased a new position in shares of Progressive in the fourth quarter valued at about $28,000. IFC & Insurance Marketing Inc. purchased a new position in shares of Progressive in the fourth quarter valued at about $29,000. Ameriflex Group Inc. boosted its stake in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after acquiring an additional 65 shares during the period. Finally, Entrust Financial LLC bought a new position in shares of Progressive in the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other Progressive news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the transaction, the insider directly owned 41,290 shares of the company's stock, valued at $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00. Following the transaction, the insider owned 28,668 shares in the company, valued at $5,733,600. This trade represents a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.32% of the company's stock.

Progressive Trading Down 0.2%

PGR opened at $204.42 on Friday. The stock has a 50-day moving average of $200.01 and a 200 day moving average of $207.23. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $267.92. The firm has a market cap of $119.45 billion, a P/E ratio of 10.39, a P/E/G ratio of 5.88 and a beta of 0.28.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company's quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business posted $4.37 earnings per share. As a group, research analysts forecast that The Progressive Corporation will post 16.82 EPS for the current year.

Progressive Dividend Announcement

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

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive's May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Argus raised Progressive to a "hold" rating in a research note on Thursday, March 5th. Mizuho dropped their price target on Progressive from $235.00 to $223.00 and set a "neutral" rating for the company in a research note on Friday, March 20th. Keefe, Bruyette & Woods increased their price objective on shares of Progressive from $208.00 to $210.00 and gave the company a "market perform" rating in a report on Thursday. Wells Fargo & Company reduced their price objective on shares of Progressive from $222.00 to $219.00 and set an "equal weight" rating on the stock in a research report on Thursday. Finally, Bank of America lowered their target price on shares of Progressive from $331.00 to $313.00 and set a "buy" rating on the stock in a report on Thursday. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $237.58.

About Progressive

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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