The Progressive Co. (NYSE:PGR) Shares Purchased by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt raised its position in The Progressive Co. (NYSE:PGR) by 88.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,185 shares of the insurance provider’s stock after acquiring an additional 557 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Progressive were worth $189,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of PGR. Compass Ion Advisors LLC increased its stake in Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after buying an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in shares of Progressive by 10.2% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after acquiring an additional 62 shares during the period. Quent Capital LLC increased its position in shares of Progressive by 19.3% during the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock worth $68,000 after acquiring an additional 69 shares during the period. BSW Wealth Partners boosted its holdings in Progressive by 4.2% in the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock valued at $275,000 after purchasing an additional 69 shares during the period. Finally, Invesco LLC grew its stake in Progressive by 2.0% during the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after purchasing an additional 70 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of Progressive stock opened at $209.75 on Friday. The stock has a market capitalization of $122.85 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 0.83 and a beta of 0.35. The firm’s fifty day simple moving average is $199.28 and its 200-day simple moving average is $174.57. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $212.24.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the previous year, the business posted $0.65 earnings per share. Progressive’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, equities analysts forecast that The Progressive Co. will post 11.16 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s payout ratio is currently 4.09%.

Insider Transactions at Progressive

In related news, insider Patrick K. Callahan sold 29,675 shares of Progressive stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total value of $5,645,965.50. Following the transaction, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the transaction, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PGR. HSBC lifted their price objective on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Roth Mkm lifted their price target on shares of Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Wells Fargo & Company increased their price objective on shares of Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. TD Cowen initiated coverage on shares of Progressive in a research report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 price objective for the company. Finally, Piper Sandler reissued an “overweight” rating and issued a $240.00 target price on shares of Progressive in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $211.88.

About Progressive

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.