BI Asset Management Fondsmaeglerselskab A S Has $103.38 Million Stock Position in The Progressive Corporation $PGR

Key Points

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BI Asset Management Fondsmaeglerselskab A S lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 12.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 365,286 shares of the insurance provider's stock after acquiring an additional 39,976 shares during the period. Progressive makes up 1.2% of BI Asset Management Fondsmaeglerselskab A S's portfolio, making the stock its 14th largest holding. BI Asset Management Fondsmaeglerselskab A S owned approximately 0.06% of Progressive worth $103,380,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Progressive by 1.2% in the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider's stock worth $15,289,037,000 after acquiring an additional 622,590 shares during the last quarter. GQG Partners LLC lifted its position in Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider's stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares during the period. Northern Trust Corp lifted its position in Progressive by 13.0% in the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after purchasing an additional 710,684 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Progressive by 18.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,983,567 shares of the insurance provider's stock worth $1,433,722,000 after purchasing an additional 915,643 shares during the period. Finally, Deutsche Bank AG lifted its position in Progressive by 6.6% in the fourth quarter. Deutsche Bank AG now owns 5,447,442 shares of the insurance provider's stock worth $1,305,262,000 after purchasing an additional 337,146 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In other news, insider Lori A. Niederst sold 8,063 shares of the firm's stock in a transaction on 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 sale, the insider directly 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 sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 16,664 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $249.24, for a total value of $4,153,335.36. Following the completion of the sale, the chief financial officer owned 228,024 shares of the company's stock, valued at approximately $56,832,701.76. This trade represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 109,823 shares of company stock valued at $27,658,151 in the last 90 days. 0.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PGR. Morgan Stanley reduced their target price on Progressive from $275.00 to $265.00 and set an "equal weight" rating for the company in a research report on Monday, August 11th. BMO Capital Markets reduced their target price on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a research report on Thursday. UBS Group reduced their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 target price for the company. in a research report on Thursday, July 17th. Finally, Citigroup began coverage on Progressive in a research report on Wednesday, August 13th. They issued a "buy" rating and a $312.00 target price for the company. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and a consensus target price of $284.06.

Progressive Price Performance

Shares of NYSE PGR traded down $3.7060 during midday trading on Thursday, reaching $248.9740. 2,628,078 shares of the company traded hands, compared to its average volume of 3,220,612. The firm has a market cap of $145.95 billion, a PE ratio of 14.03, a PEG ratio of 1.48 and a beta of 0.33. The stock's 50-day simple moving average is $251.77 and its 200-day simple moving average is $266.31. The Progressive Corporation has a 12 month low of $228.54 and a 12 month high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31.

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 (EPS) for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The company had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The business's revenue was up 12.1% on a year-over-year basis. During the same period last year, the business earned $2.48 earnings per share. As a group, equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Progressive 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.