The Progressive Corporation $PGR Stock Acquired by AMF Tjanstepension AB

AMF Tjanstepension AB increased its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 75.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 978,170 shares of the insurance provider's stock after purchasing an additional 422,094 shares during the quarter. Progressive accounts for 1.2% of AMF Tjanstepension AB's investment portfolio, making the stock its 25th largest position. AMF Tjanstepension AB owned approximately 0.17% of Progressive worth $202,784,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PGR. Unique Wealth LLC increased its holdings in Progressive by 4.3% in the second quarter. Unique Wealth LLC now owns 1,240 shares of the insurance provider's stock valued at $271,000 after buying an additional 51 shares in the last quarter. Brown Miller Wealth Management LLC lifted its position in shares of Progressive by 2.4% during the 2nd quarter. Brown Miller Wealth Management LLC now owns 2,365 shares of the insurance provider's stock valued at $517,000 after acquiring an additional 55 shares during the period. Linden Thomas Advisory Services LLC boosted its stake in shares of Progressive by 1.4% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 4,072 shares of the insurance provider's stock worth $890,000 after acquiring an additional 55 shares in the last quarter. Eastern Bank boosted its stake in shares of Progressive by 0.7% during the 3rd quarter. Eastern Bank now owns 8,416 shares of the insurance provider's stock worth $1,745,000 after acquiring an additional 55 shares in the last quarter. Finally, Sunbelt Securities Inc. boosted its stake in shares of Progressive by 7.1% during the 1st quarter. Sunbelt Securities Inc. now owns 857 shares of the insurance provider's stock worth $170,000 after acquiring an additional 57 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Griffith sold 37,338 shares of the firm's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the sale, the chief executive officer directly owned 485,438 shares of the company's stock, valued at $106,553,641. This trade represents a 7.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Murphy sold 8,124 shares of Progressive stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the sale, the insider owned 41,291 shares of the company's stock, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 106,782 shares of company stock worth $22,965,332 in the last ninety days. Company insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PGR. JPMorgan Chase & Co. upped their price target on Progressive from $241.00 to $250.00 and gave the stock a "neutral" rating in a report on Monday, October 5th. BMO Capital Markets reaffirmed a "market perform" rating on shares of Progressive in a report on Thursday, October 15th. Bank of America lifted their price objective on Progressive from $302.00 to $314.00 in a report on Thursday, October 1st. Cantor Fitzgerald decreased their target price on Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a research report on Monday, August 17th. Finally, Wells Fargo & Company lowered their target price on Progressive from $201.00 to $196.00 and set an "underweight" rating on the stock in a report on Thursday, October 15th. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $234.45.

Progressive Stock Up 3.6%

Shares of NYSE:PGR opened at $229.43 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $239.38. The stock's fifty day simple moving average is $215.78 and its 200-day simple moving average is $210.27. The company has a market capitalization of $133.38 billion, a P/E ratio of 11.60, a P/E/G ratio of 2.65 and a beta of 0.25.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's payout ratio is presently 2.01%.

Progressive Company Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.

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