The Progressive Co. (NYSE:PGR) Position Raised by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt increased its position in shares of The Progressive Co. (NYSE:PGR) by 77.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 7,780 shares of the insurance provider’s stock after buying an additional 3,400 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Progressive were worth $2,202,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Minot DeBlois Advisors LLC bought a new stake in Progressive during the fourth quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC raised its holdings in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares in the last quarter. Atala Financial Inc bought a new stake in Progressive during the fourth quarter worth approximately $32,000. Global Wealth Strategies & Associates raised its holdings in Progressive by 119.0% during the first quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 75 shares in the last quarter. Finally, Rialto Wealth Management LLC bought a new position in shares of Progressive in the fourth quarter valued at $43,000. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total value of $2,753,700.00. Following the transaction, the chief financial officer now directly owns 238,024 shares of the company’s stock, valued at approximately $65,544,668.88. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dyke Kahina Van sold 2,490 shares of the company’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the transaction, the director now directly owns 12,429 shares in the company, valued at $3,451,160.43. This trade represents a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,755 shares of company stock valued at $10,367,074. 0.34% of the stock is owned by insiders.

Progressive Price Performance

Shares of NYSE:PGR opened at $271.24 on Tuesday. The company’s fifty day moving average is $275.99 and its two-hundred day moving average is $264.54. 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 Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99. The company has a market cap of $159.01 billion, a P/E ratio of 18.84, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The company had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Equities analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

PGR has been the topic of several research reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $288.00 price target on shares of Progressive in a report on Thursday, April 17th. Morgan Stanley set a $330.00 price target on Progressive and gave the company an “overweight” rating in a report on Monday, May 19th. JPMorgan Chase & Co. upped their price target on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a report on Tuesday, April 8th. Bank of America raised Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a report on Monday, April 28th. Finally, UBS Group upped their price target on Progressive from $285.00 to $291.00 and gave the company a “neutral” rating in a report on Wednesday, May 28th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $288.59.

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.