Fjarde AP Fonden Fourth Swedish National Pension Fund Has $61.13 Million Stock Holdings in The Progressive Corporation $PGR

Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in The Progressive Corporation (NYSE:PGR) by 54.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 229,070 shares of the insurance provider’s stock after buying an additional 80,500 shares during the quarter. Progressive accounts for about 0.6% of Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings, making the stock its 28th biggest position. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Progressive were worth $61,130,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the stock. Advisory Alpha LLC increased its stake in Progressive by 9.9% in the 2nd quarter. Advisory Alpha LLC now owns 1,078 shares of the insurance provider’s stock valued at $288,000 after buying an additional 97 shares during the period. SYM FINANCIAL Corp increased its stake in Progressive by 4.6% in the 2nd quarter. SYM FINANCIAL Corp now owns 1,783 shares of the insurance provider’s stock valued at $476,000 after buying an additional 78 shares during the period. Teacher Retirement System of Texas increased its stake in Progressive by 9.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 227,601 shares of the insurance provider’s stock valued at $60,738,000 after buying an additional 19,320 shares during the period. Y Intercept Hong Kong Ltd increased its stake in Progressive by 551.8% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 65,173 shares of the insurance provider’s stock valued at $17,392,000 after buying an additional 55,174 shares during the period. Finally, Bessemer Group Inc. increased its stake in Progressive by 1.0% in the 2nd quarter. Bessemer Group Inc. now owns 10,688 shares of the insurance provider’s stock valued at $2,853,000 after buying an additional 105 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

NYSE PGR opened at $216.29 on Tuesday. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The company has a fifty day simple moving average of $240.48 and a 200 day simple moving average of $255.91. The company has a market cap of $126.79 billion, a P/E ratio of 11.86, a P/E/G ratio of 1.26 and a beta of 0.32. The Progressive Corporation has a 1 year low of $216.10 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The firm had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the prior year, the company posted $3.58 earnings per share. On average, sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio is 2.19%.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This represents a 6.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 58,500 shares of company stock worth $14,430,089. 0.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PGR. Evercore ISI dropped their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Zacks Research lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. UBS Group dropped their price target on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a research note on Wednesday, August 13th. Finally, Barclays dropped their price target on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research note on Monday, October 20th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and an average price target of $268.90.

Progressive Profile

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.