Livforsakringsbolaget Skandia Omsesidigt Raises Holdings in The Progressive Corporation $PGR

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its holdings in The Progressive Corporation by 252.6%, owning a total of 27,430 shares valued at $7.32 million as of the latest quarter.
• Several institutional investors have also adjusted their stakes in Progressive, with 85.34% of the stock currently owned by hedge funds and institutional investors.
• Progressive announced a $0.10 quarterly dividend, with the ex-dividend date set for October 2nd, indicating a 0.2% yield for investors.

Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 252.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 27,430 shares of the insurance provider's stock after purchasing an additional 19,650 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Progressive were worth $7,320,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PGR. Brighton Jones LLC boosted its stake in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in Progressive during the 4th quarter valued at $269,000. Highview Capital Management LLC DE lifted its holdings in shares of Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock valued at $2,645,000 after buying an additional 339 shares during the period. Bison Wealth LLC lifted its holdings in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock valued at $615,000 after buying an additional 80 shares during the period. Finally, Stonebrook Private Inc. lifted its holdings in shares of Progressive by 7.5% during the 4th quarter. Stonebrook Private Inc. now owns 1,148 shares of the insurance provider's stock valued at $275,000 after buying an additional 80 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research analyst reports. Bank of America increased their price target on Progressive from $344.00 to $347.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. UBS Group lowered 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. Morgan Stanley increased their price target on Progressive from $265.00 to $267.00 and gave the company an "equal weight" rating in a report on Friday, August 22nd. Wolfe Research initiated coverage on Progressive in a report on Monday. They set a "peer perform" rating on the stock. Finally, Wells Fargo & Company lowered their price target on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a report on Thursday, August 21st. Nine equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of "Hold" and a consensus price target of $284.82.

Insider Buying and Selling

In related news, insider Lori A. Niederst sold 8,063 shares of Progressive stock in a transaction dated Thursday, August 14th. The stock was 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 owned 39,040 shares in the company, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,660 shares of Progressive stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $242.12, for a total value of $7,423,399.20. Following the completion of the transaction, the chief executive officer owned 506,945 shares of the company's stock, valued at approximately $122,741,523.40. This represents a 5.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 139,010 shares of company stock valued at $34,547,699 in the last quarter. 0.33% of the stock is currently owned by insiders.

Progressive Trading Down 1.1%

Shares of Progressive stock opened at $245.45 on Tuesday. The firm has a market cap of $143.88 billion, a price-to-earnings ratio of 13.83, a PEG ratio of 1.44 and a beta of 0.32. The business has a 50-day moving average price of $246.28 and a 200-day moving average price of $264.32. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a twelve month low of $228.54 and a twelve month high of $292.99.

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

Progressive Announces Dividend

The business 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 $0.10 dividend. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) 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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