Livforsakringsbolaget Skandia Omsesidigt Boosts Stake in Progressive Corp (PGR)

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Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Progressive Corp (NYSE:PGR) by 5.4% during the first quarter, Holdings Channel reports. The fund owned 13,628 shares of the insurance provider’s stock after purchasing an additional 700 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Progressive were worth $982,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Jackson Grant Investment Advisers Inc. acquired a new position in Progressive during the first quarter worth $26,000. Lindbrook Capital LLC acquired a new position in Progressive during the fourth quarter worth $27,000. Liberty Wealth Management LLC acquired a new position in Progressive during the fourth quarter worth $30,000. Karp Capital Management Corp acquired a new position in Progressive during the fourth quarter worth $32,000. Finally, Ropes Wealth Advisors LLC acquired a new position in Progressive during the first quarter worth $39,000. 79.67% of the stock is currently owned by institutional investors and hedge funds.

PGR stock traded up $0.51 during mid-day trading on Friday, reaching $80.22. 4,398,356 shares of the stock traded hands, compared to its average volume of 3,039,174. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. Progressive Corp has a 52 week low of $56.71 and a 52 week high of $80.53. The stock has a market capitalization of $46.85 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 2.10 and a beta of 0.79.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The company had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.20 billion. During the same period in the prior year, the company earned $1.22 earnings per share. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. Equities analysts expect that Progressive Corp will post 5.21 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, July 5th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is 9.05%.

In other Progressive news, insider Michael D. Sieger sold 7,500 shares of the company’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $79.16, for a total transaction of $593,700.00. Following the completion of the sale, the insider now directly owns 68,969 shares in the company, valued at $5,459,586.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Susan Patricia Griffith sold 22,500 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $78.01, for a total transaction of $1,755,225.00. Following the sale, the insider now owns 250,162 shares of the company’s stock, valued at $19,515,137.62. The disclosure for this sale can be found here. Insiders have sold 145,850 shares of company stock valued at $11,143,382 over the last 90 days. Corporate insiders own 0.39% of the company’s stock.

Several equities analysts have commented on PGR shares. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Monday, April 22nd. UBS Group increased their target price on shares of Progressive from $85.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Wells Fargo & Co set a $73.00 target price on shares of Progressive and gave the stock a “hold” rating in a research report on Thursday, February 14th. Buckingham Research set a $64.00 target price on shares of Progressive and gave the stock a “hold” rating in a research report on Monday, May 13th. Finally, Citigroup increased their target price on shares of Progressive from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, February 14th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $79.83.

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Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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