BI Asset Management Fondsmaeglerselskab A S Decreases Position in The Progressive Corporation $PGR

BI Asset Management Fondsmaeglerselskab A S decreased its stake in The Progressive Corporation (NYSE:PGR) by 29.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 256,949 shares of the insurance provider’s stock after selling 108,534 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Progressive were worth $58,512,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of PGR. Dagco Inc. purchased a new position in Progressive in the fourth quarter valued at about $28,000. Ameriflex Group Inc. boosted its holdings in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Entrust Financial LLC purchased a new position in Progressive in the fourth quarter valued at about $33,000. Kingdom Financial Group LLC. purchased a new position in Progressive in the fourth quarter valued at about $34,000. Finally, Bangor Savings Bank boosted its holdings in Progressive by 60.4% in the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. This trade represents a 32.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.32% of the company’s stock.

Progressive Stock Up 4.6%

Shares of Progressive stock opened at $204.27 on Friday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The business’s 50 day simple moving average is $198.89 and its 200-day simple moving average is $208.87. The stock has a market capitalization of $119.37 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 5.66 and a beta of 0.28. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $283.95.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $4.37 EPS. Equities research analysts forecast that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.03%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PGR shares. Barclays set a $247.00 price target on Progressive in a report on Wednesday, March 18th. Argus raised Progressive to a “hold” rating in a report on Thursday, March 5th. Roth Mkm set a $235.00 price target on Progressive in a report on Thursday, February 19th. Bank of America reduced their price target on Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a report on Wednesday, May 20th. Finally, Piper Sandler reissued an “overweight” rating and issued a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $238.11.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.