E. Ohman J or Asset Management AB Sells 17,469 Shares of The Progressive Corporation $PGR

E. Ohman J or Asset Management AB lessened its holdings in shares of The Progressive Corporation (NYSE:PGR) by 8.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 193,595 shares of the insurance provider’s stock after selling 17,469 shares during the period. Progressive comprises approximately 1.0% of E. Ohman J or Asset Management AB’s investment portfolio, making the stock its 20th biggest position. E. Ohman J or Asset Management AB’s holdings in Progressive were worth $38,378,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC grew its position in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Progressive during the fourth quarter worth $269,000. Bison Wealth LLC boosted its stake in shares of Progressive by 3.2% during the fourth 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 boosted its stake in shares of Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after purchasing an additional 166 shares during the period. Finally, Diversify Wealth Management LLC grew its holdings in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after purchasing an additional 1,622 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $225.00 price target on shares of Progressive in a research note on Monday, February 23rd. Barclays set a $247.00 price objective on shares of Progressive in a research report on Wednesday, March 18th. Bank of America dropped their target price on shares of Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a research note on Thursday. Wells Fargo & Company reduced their target price on shares of Progressive from $222.00 to $219.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $208.00 to $210.00 and gave the company a “market perform” rating in a research note on Thursday. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive has an average rating of “Hold” and an average target price of $237.58.

Progressive Trading Down 0.2%

NYSE:PGR opened at $204.42 on Friday. The firm has a 50-day simple moving average of $200.01 and a 200-day simple moving average of $207.23. The Progressive Corporation has a one year low of $189.20 and a one year high of $267.92. The firm has a market cap of $119.45 billion, a P/E ratio of 10.39, a P/E/G ratio of 5.88 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

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 analysts’ consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm earned $4.37 earnings per share. Equities analysts anticipate that The Progressive Corporation will post 16.82 EPS for the current fiscal year.

Progressive Announces Dividend

The business 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 dividend of $0.10 per share. The ex-dividend date is 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 currently 2.03%.

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Insiders Place Their Bets

In other news, insider Steven Broz sold 1,157 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the transaction, the insider directly owned 28,668 shares of the company’s stock, valued at approximately $5,733,600. The trade was a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of the company’s stock in a transaction 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 sale, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.32% of the stock is owned by corporate insiders.

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.