Livforsakringsbolaget Skandia Omsesidigt Buys 5,000 Shares of The Progressive Corporation $PGR

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its stake in The Progressive Corporation by 64.3%, acquiring an additional 5,000 shares, bringing its total holdings to 12,780 shares valued at approximately $3.41 million.
• The Progressive Corporation reported earnings per share (EPS) of $4.88 for the last quarter, surpassing the consensus estimate of $4.43 and indicating a 12.1% year-over-year revenue growth.
• Progressive has declared a quarterly dividend of $0.10 per share, which will be paid on October 10th, representing a 0.2% yield with a payout ratio of 2.25%.

Livforsakringsbolaget Skandia Omsesidigt raised its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 64.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,780 shares of the insurance provider's stock after buying an additional 5,000 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Progressive were worth $3,410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC grew its stake in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Progressive during the fourth quarter valued at $269,000. Highview Capital Management LLC DE raised its holdings in shares of Progressive by 3.2% in the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock valued at $2,645,000 after acquiring an additional 339 shares in the last quarter. Bison Wealth LLC lifted its stake in Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after acquiring an additional 80 shares during the period. Finally, Waverly Advisors LLC grew its holdings in Progressive by 103.7% during the 4th quarter. Waverly Advisors LLC now owns 5,232 shares of the insurance provider's stock worth $1,254,000 after acquiring an additional 2,663 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Trading Down 0.7%

NYSE:PGR opened at $241.93 on Friday. The company has a market capitalization of $141.82 billion, a P/E ratio of 13.63, a PEG ratio of 1.40 and a beta of 0.32. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The firm has a fifty day simple moving average of $245.88 and a 200-day simple moving average of $263.75.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The firm had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. During the same period in the prior year, the firm earned $2.48 EPS. The firm's revenue was up 12.1% on a year-over-year basis. On average, equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PGR shares. Bank of America reduced their price target on shares of Progressive from $347.00 to $343.00 and set a "buy" rating for the company in a report on Thursday. Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. UBS Group cut their price target on Progressive from $280.00 to $268.00 and set a "neutral" rating on the stock in a report on Monday, July 21st. Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $268.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday. Finally, Wolfe Research assumed coverage on shares of Progressive in a report on Monday. They issued a "peer perform" rating on the stock. Six analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $279.44.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 16,664 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $4,153,335.36. Following the completion of the transaction, the chief financial officer directly owned 228,024 shares in the company, valued at $56,832,701.76. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares of the company's stock, valued at $122,741,523.40. The trade was a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 130,062 shares of company stock worth $32,217,635 in the last ninety days. 0.34% of the stock is owned by company insiders.

About Progressive

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.