Handelsbanken Fonder AB Has $28.46 Million Stock Position in The Progressive Co. (NYSE:PGR)

Handelsbanken Fonder AB reduced its stake in The Progressive Co. (NYSE:PGR) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 178,706 shares of the insurance provider’s stock after selling 5,063 shares during the period. Handelsbanken Fonder AB’s holdings in Progressive were worth $28,464,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Compass Ion Advisors LLC grew its position in Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after acquiring an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC boosted its position in Progressive by 10.2% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after buying an additional 62 shares during the last quarter. Quent Capital LLC boosted its position in Progressive by 19.3% in the 4th quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock valued at $68,000 after buying an additional 69 shares during the last quarter. BSW Wealth Partners boosted its position in Progressive by 4.2% in the 4th quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock valued at $275,000 after buying an additional 69 shares during the last quarter. Finally, Invesco LLC boosted its position in Progressive by 2.0% in the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after buying an additional 70 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of a number of recent research reports. Citigroup increased their price objective on Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. Keefe, Bruyette & Woods increased their price target on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. UBS Group increased their price target on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Bank of America cut their price target on Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a research note on Wednesday, April 17th. Finally, The Goldman Sachs Group increased their price target on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $211.88.

Insider Buying and Selling at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at $1,494,976.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Karen Bailo sold 8,464 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the sale, the insider now directly owns 32,342 shares in the company, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders sold a total of 39,139 shares of company stock worth $7,458,139 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $213.00 on Tuesday. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $216.21. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31. The stock has a market capitalization of $124.75 billion, a price-to-earnings ratio of 21.80, a PEG ratio of 0.85 and a beta of 0.35. The business has a 50-day moving average of $200.53 and a 200-day moving average of $176.08.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. Progressive’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the company posted $0.65 earnings per share. As a group, sell-side analysts predict that The Progressive Co. will post 11.22 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were given a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s payout ratio is 4.09%.

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.