Swedbank AB Sells 41,355 Shares of The Progressive Co. (NYSE:PGR)

Swedbank AB lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 6.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 595,402 shares of the insurance provider’s stock after selling 41,355 shares during the period. Swedbank AB’s holdings in Progressive were worth $151,089,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Diversified Trust Co increased its holdings in shares of Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after acquiring an additional 11,770 shares during the last quarter. Sycomore Asset Management grew its holdings in Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after buying an additional 2,450 shares in the last quarter. Sumitomo Life Insurance Co. acquired a new position in Progressive in the 2nd quarter valued at $981,000. Tidal Investments LLC grew its holdings in Progressive by 22.2% in the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock valued at $6,480,000 after buying an additional 5,691 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in Progressive by 88.7% in the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock valued at $1,577,000 after buying an additional 3,585 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. This trade represents a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of PGR stock opened at $266.06 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $266.18. The company has a market cap of $155.86 billion, a P/E ratio of 19.34, a P/E/G ratio of 0.73 and a beta of 0.36. The business has a fifty day simple moving average of $253.06 and a 200 day simple moving average of $231.63.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, sell-side analysts forecast that The Progressive Co. will post 13.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of research reports. JPMorgan Chase & Co. upped their price objective on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Barclays upped their price objective on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Jefferies Financial Group upped their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Piper Sandler increased their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $269.81.

Progressive Company 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.