The Progressive Co. (NYSE:PGR) Shares Bought by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 77.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,780 shares of the insurance provider’s stock after acquiring an additional 3,400 shares during the period. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Progressive were worth $2,202,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PGR. Norges Bank acquired a new stake in shares of Progressive during the fourth quarter valued at about $1,843,045,000. GAMMA Investing LLC grew its stake in shares of Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock valued at $862,059,000 after acquiring an additional 3,038,303 shares in the last quarter. GQG Partners LLC grew its stake in shares of Progressive by 67.6% during the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock valued at $1,239,143,000 after acquiring an additional 2,085,833 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Progressive during the fourth quarter valued at about $408,416,000. Finally, Capital Research Global Investors grew its stake in shares of Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock valued at $1,451,602,000 after acquiring an additional 1,547,677 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $268.59, for a total value of $2,685,900.00. Following the sale, the chief financial officer now owns 248,024 shares in the company, valued at approximately $66,616,766.16. This trade represents a 3.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the completion of the sale, the insider now owns 28,888 shares in the company, valued at $8,025,375.28. The trade was a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock valued at $10,367,074 over the last quarter. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. Roth Mkm increased their price target on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an “overweight” rating in a research report on Monday, May 19th. Bank of America raised shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. increased their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $288.59.

Progressive Stock Performance

Shares of NYSE PGR opened at $271.24 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The firm’s 50-day moving average price is $275.99 and its two-hundred day moving average price is $264.54. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The stock has a market capitalization of $159.01 billion, a P/E ratio of 18.84, a P/E/G ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The firm had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. As a group, sell-side analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

About Progressive

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.