Skandinaviska Enskilda Banken AB publ Has $135.37 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Skandinaviska Enskilda Banken AB publ raised its position in shares of The Progressive Co. (NYSE:PGR) by 457.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 651,707 shares of the insurance provider’s stock after purchasing an additional 534,754 shares during the period. Progressive makes up approximately 0.6% of Skandinaviska Enskilda Banken AB publ’s investment portfolio, making the stock its 28th biggest position. Skandinaviska Enskilda Banken AB publ owned 0.11% of Progressive worth $135,366,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Sachetta LLC acquired a new stake in shares of Progressive in the 4th quarter valued at approximately $25,000. Northwest Bank & Trust Co acquired a new stake in Progressive in the fourth quarter valued at approximately $25,000. WR Wealth Planners LLC grew its stake in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive during the first quarter worth $32,000. Finally, Hilltop National Bank lifted its stake in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PGR shares. Keefe, Bruyette & Woods boosted their price target on Progressive from $255.00 to $275.00 and gave the stock an “outperform” rating in a report on Tuesday, September 3rd. Morgan Stanley boosted their price target on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday. Piper Sandler raised their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Bank of America increased their price objective on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. increased their price target on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, July 11th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $257.18.

Insider Buying and Selling

In other Progressive news, Director Philip Bleser sold 2,129 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total value of $466,421.32. Following the sale, the director now owns 974 shares of the company’s stock, valued at approximately $213,383.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Philip Bleser sold 2,129 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $219.08, for a total value of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 146,704 shares of company stock worth $33,367,408. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $255.17 on Friday. The stock has a fifty day moving average of $233.24 and a 200-day moving average of $216.58. The stock has a market cap of $149.45 billion, a PE ratio of 26.12, a price-to-earnings-growth ratio of 0.82 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Co. has a fifty-two week low of $137.59 and a fifty-two week high of $260.46.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 earnings per share. Equities research analysts anticipate that The Progressive Co. will post 12.29 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s payout ratio is currently 4.09%.

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.