E. Ohman J or Asset Management AB Sells 8,841 Shares of The Progressive Co. (NYSE:PGR)

E. Ohman J or Asset Management AB reduced its stake in The Progressive Co. (NYSE:PGR - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 213,799 shares of the insurance provider's stock after selling 8,841 shares during the period. Progressive accounts for approximately 1.6% of E. Ohman J or Asset Management AB's investment portfolio, making the stock its 13th biggest position. E. Ohman J or Asset Management AB's holdings in Progressive were worth $60,507,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hager Investment Management Services LLC acquired a new stake in Progressive during the 4th quarter valued at approximately $28,000. Atlantic Edge Private Wealth Management LLC grew its position in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 41 shares during the period. Minot DeBlois Advisors LLC bought a new position in Progressive during the 4th quarter valued at $28,000. Atala Financial Inc bought a new stake in shares of Progressive during the 4th quarter worth $32,000. Finally, Global Wealth Strategies & Associates raised its stake in shares of Progressive by 119.0% during the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock worth $39,000 after purchasing an additional 75 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the completion of the transaction, the chief financial officer now owns 238,024 shares in the company, valued at $65,544,668.88. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the transaction, the chief accounting officer now owns 655 shares of the company's stock, valued at approximately $180,891.35. This trade represents a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,755 shares of company stock worth $10,367,074 in the last quarter. 0.34% of the stock is owned by corporate insiders.

Progressive Price Performance

Shares of NYSE:PGR traded down $8.08 during trading on Monday, hitting $271.24. 5,885,898 shares of the company's stock were exchanged, compared to its average volume of 2,669,122. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The business's 50-day simple moving average is $276.19 and its 200 day simple moving average is $264.50. The company has a market cap of $159.01 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, equities analysts predict that The Progressive Co. will post 14.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. BMO Capital Markets lifted their target price on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $288.00 price target on shares of Progressive in a research note on Thursday, April 17th. UBS Group increased their target price on Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Jefferies Financial Group cut their target price on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

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.