Arbejdsmarkedets Tillaegspension Buys Shares of 102,757 The Progressive Corporation $PGR

Arbejdsmarkedets Tillaegspension purchased a new position in The Progressive Corporation (NYSE:PGR) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 102,757 shares of the insurance provider’s stock, valued at approximately $23,400,000.

Other large investors also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter worth $269,000. Bison Wealth LLC raised its position in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the period. HUB Investment Partners LLC lifted its stake in shares of Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after buying an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC lifted its stake in shares of Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after buying an additional 1,622 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

PGR opened at $199.83 on Friday. The business has a fifty day moving average of $201.02 and a 200 day moving average of $210.50. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a market cap of $116.77 billion, a P/E ratio of 10.16, a PEG ratio of 5.69 and a beta of 0.31. The Progressive Corporation has a 52-week low of $191.75 and a 52-week high of $289.96.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the company earned $4.37 EPS. As a group, sell-side analysts anticipate that The Progressive Corporation will post 16.4 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is currently 2.03%.

Insider Buying and Selling at Progressive

In related news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,933 shares of company stock worth $1,441,564 over the last quarter. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PGR has been the topic of a number of recent analyst reports. Piper Sandler reissued an “overweight” rating and set a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Citigroup dropped their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Mizuho lowered their target price on Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research report on Friday, March 20th. Finally, Bank of America raised their target price on shares of Progressive from $295.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $238.39.

About Progressive

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.