Swedbank AB Has $171.35 Million Stock Position in The Progressive Corporation $PGR

Key Points

• Swedbank AB raised its Q4 stake in The Progressive Corporation by 9.2% to 752,440 shares, worth about $171.35 million and representing roughly 0.13% of the company.
• Progressive beat Q earnings estimates with $4.80 EPS on $22.19B revenue (up 6.5% YoY), and trades with a market cap of ~$115.7 billion and a P/E of ~10.05.
• Wall Street has a consensus "Hold" rating with a $238.39 target; insiders sold about 6,933 shares (~$1.44M) in the last three months and the company pays a quarterly dividend of $0.10 (≈0.2% yield).

Swedbank AB increased its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 9.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 752,440 shares of the insurance provider's stock after purchasing an additional 63,306 shares during the period. Swedbank AB owned approximately 0.13% of Progressive worth $171,346,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Dagco Inc. acquired a new stake in Progressive during the fourth quarter worth about $28,000. Ameriflex Group Inc. raised its position in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after buying an additional 65 shares in the last quarter. Bangor Savings Bank raised its position in shares of Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock valued at $35,000 after buying an additional 58 shares in the last quarter. Riverview Trust Co lifted its holdings in shares of Progressive by 48.6% during the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider's stock worth $37,000 after acquiring an additional 53 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Progressive by 833.3% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider's stock worth $38,000 after acquiring an additional 150 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Performance

Shares of PGR stock opened at $197.75 on Wednesday. The firm has a market capitalization of $115.68 billion, a price-to-earnings ratio of 10.05, a PEG ratio of 6.57 and a beta of 0.31. The company has a current ratio of 0.33, a quick ratio of 0.35 and a debt-to-equity ratio of 0.26. The business's 50-day moving average price is $203.05 and its 200-day moving average price is $211.81. The Progressive Corporation has a 12 month low of $192.02 and a 12 month high of $289.96.

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. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the business earned $4.37 EPS. The firm's quarterly revenue was up 6.5% on a year-over-year basis. Equities research analysts forecast that The Progressive Corporation will post 16.38 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.03%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PGR shares. Argus raised shares of Progressive to a "hold" rating in a research note on Thursday, March 5th. Piper Sandler restated an "overweight" rating and set a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $225.00 target price on shares of Progressive in a report on Monday, February 23rd. Roth Mkm set a $235.00 price target on Progressive in a report on Thursday, February 19th. Finally, Zacks Research raised Progressive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 24th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $238.39.

Insider Buying and Selling at Progressive

In other news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 2,266 shares of the business's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. This represents a 7.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,933 shares of company stock worth $1,441,564 in the last three months. 0.32% of the stock is currently owned by company insiders.

Progressive 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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