SEB Asset Management AB Invests $32.77 Million in The Progressive Corporation $PGR

SEB Asset Management AB acquired a new position in The Progressive Corporation (NYSE:PGR) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 165,307 shares of the insurance provider’s stock, valued at approximately $32,770,000.

Other large investors have also added to or reduced their stakes in the company. Bogart Wealth LLC lifted its position in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after buying an additional 87 shares in the last quarter. Bard Associates Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at about $27,000. Dagco Inc. bought a new stake in Progressive during the fourth quarter worth about $28,000. HHM Wealth Advisors LLC boosted its position in Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares during the last quarter. Finally, IFC & Insurance Marketing Inc. bought a new position in Progressive in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Down 0.1%

PGR stock opened at $207.73 on Monday. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The stock has a market cap of $121.38 billion, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 4.86 and a beta of 0.26. The company has a fifty day moving average price of $208.77 and a two-hundred day moving average price of $206.35. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is 2.01%.

Key Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Reuters reported that Progressive’s quarterly profit rose on higher auto insurance demand, reinforcing the view that core underwriting and pricing trends remain healthy. Progressive’s quarterly profit rises on higher auto insurance demand
• Positive Sentiment: Some commentary remains constructive after Q2, noting that Progressive continues to grow policies and remains a leading property and casualty insurer, which may help investor confidence. Progressive Is The P&C Insurer To Hold, After Policies Grow In Q2
• Neutral Sentiment: Bank of America raised its price target to $308 and kept a buy rating, signaling optimism even though the target was trimmed slightly from prior levels. Progressive Given New $308.00 Price Target at Bank of America
• Neutral Sentiment: Other analysts also reduced their forecasts after the mixed Q2 report, but several still view the shares as fairly valued to modestly attractive from current levels. Progressive Analysts Slash Their Forecasts After Q2 Results
• Negative Sentiment: BMO Capital Markets cut its price target to $205 and kept a market perform rating, reflecting a more cautious stance following the earnings release. BMO Capital Markets price target cut
• Negative Sentiment: Keefe, Bruyette & Woods also lowered its target to $226 and maintained a market perform rating, adding to the post-earnings analyst headwinds. KBW price target cut

Insider Buying and Selling at Progressive

In other news, Director Jeffrey D. Kelly sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the transaction, the director owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Jo Murphy sold 5,916 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the transaction, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their position. 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 15,230 shares of company stock valued at $3,165,817 in the last three months. 0.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Weiss Ratings downgraded Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Morgan Stanley cut their price target on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research note on Tuesday, March 31st. Jefferies Financial Group decreased their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a report on Friday, May 22nd. Finally, William Blair reiterated a “market perform” rating on shares of Progressive in a research note on Wednesday. Five equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $235.05.

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.