Livforsakringsbolaget Skandia Omsesidigt Acquires Shares of 2,880 The Progressive Corporation $PGR

Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in shares of The Progressive Corporation (NYSE:PGR) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 2,880 shares of the insurance provider’s stock, valued at approximately $629,000.

A number of other large investors have also recently made changes to their positions in the business. Rakuten Investment Management Inc. purchased a new position in Progressive during the 2nd quarter valued at $21,021,000. RIHO Partners LLC purchased a new position in shares of Progressive during the second quarter valued at approximately $28,162,000. Glenview Trust Co bought a new stake in Progressive in the second quarter worth $4,436,000. Empowered Funds LLC bought a new stake in Progressive during the 2nd quarter valued at about $12,244,000. Finally, United Capital Financial Advisors LLC bought a new stake in shares of Progressive during the second quarter valued at approximately $3,610,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 0.6%

Shares of NYSE:PGR opened at $218.90 on Friday. The company has a market cap of $127.26 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 2.91 and a beta of 0.27. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $249.83. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average price of $217.19 and a 200 day moving average price of $207.23.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. The business had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business posted $5.40 earnings per share. As a group, equities research analysts predict that The Progressive Corporation will post 17.74 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s payout ratio is presently 2.01%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares of the company’s stock, valued at $6,880,743.08. This trade represents a 20.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the sale, the chief executive officer owned 522,776 shares in the company, valued at approximately $111,199,682.96. The trade was a 6.67% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 83,449 shares of company stock valued at $17,685,203. Insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PGR. UBS Group upped their target price on shares of Progressive from $225.00 to $234.00 and gave the company a “neutral” rating in a research note on Thursday. Cantor Fitzgerald cut their price target on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, August 17th. Jefferies Financial Group reissued a “hold” rating and issued a $228.00 target price on shares of Progressive in a report on Wednesday, August 19th. Bank of America dropped their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $230.00 target price on shares of Progressive in a research note on Wednesday, August 19th. Seven research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $236.26.

Progressive Company 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.