The Progressive Co. (NYSE:PGR) Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its holdings in The Progressive Co. (NYSE:PGR) by 8.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200,611 shares of the insurance provider’s stock after buying an additional 16,188 shares during the quarter. Handelsbanken Fonder AB’s holdings in Progressive were worth $50,907,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Northwest Bank & Trust Co purchased a new stake in shares of Progressive during the 4th quarter worth $25,000. Davis Capital Management purchased a new stake in Progressive during the third quarter worth about $25,000. WR Wealth Planners LLC boosted its holdings in 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 in the last quarter. Indiana Trust & Investment Management CO acquired a new position in Progressive during the first quarter worth about $32,000. Finally, Hilltop National Bank increased its holdings in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 1.2 %

Shares of PGR stock traded up $3.09 during mid-day trading on Friday, hitting $255.36. 1,951,766 shares of the company’s stock were exchanged, compared to its average volume of 2,503,230. The stock has a market cap of $149.56 billion, a price-to-earnings ratio of 26.14, a PEG ratio of 0.70 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a fifty-two week low of $141.73 and a fifty-two week high of $260.46. The stock has a 50-day simple moving average of $241.69 and a two-hundred day simple moving average of $221.03.

Progressive (NYSE:PGR) last issued 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. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same period last year, the company earned $0.57 EPS. The firm’s quarterly revenue was up 21.6% on a year-over-year basis. Equities analysts expect that The Progressive Co. will post 13.02 EPS for the current fiscal year.

Progressive Dividend Announcement

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

Insider Buying and Selling at Progressive

In other news, Director Philip Bleser sold 2,129 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the completion of the sale, the director now directly owns 974 shares in the company, valued at $213,383.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Susan Patricia Griffith sold 43,371 shares of Progressive stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Philip Bleser sold 2,129 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $219.08, for a total transaction of $466,421.32. Following the sale, the director now directly owns 974 shares of the company’s stock, valued at approximately $213,383.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 146,512 shares of company stock worth $33,912,874 in the last quarter. 0.34% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on PGR. Barclays assumed coverage on Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price target on the stock. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Jefferies Financial Group lifted their price target on Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Citigroup lowered their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Finally, BMO Capital Markets cut their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $257.18.

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.