Arbejdsmarkedets Tillaegspension Has $24.36 Million Stock Position in The Progressive Corporation $PGR

Arbejdsmarkedets Tillaegspension lifted its holdings in The Progressive Corporation (NYSE:PGR) by 19.6% in the 1st quarter, Holdings Channel reports. The firm owned 122,868 shares of the insurance provider’s stock after buying an additional 20,111 shares during the quarter. Arbejdsmarkedets Tillaegspension’s holdings in Progressive were worth $24,357,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Allstate Corp lifted its holdings in shares of Progressive by 106.1% during the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after buying an additional 22,915 shares during the last quarter. Norges Bank bought a new stake in shares of Progressive in the fourth quarter valued at approximately $1,836,094,000. Mariner LLC grew its stake in shares of Progressive by 7.9% in the third quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock worth $159,183,000 after acquiring an additional 47,248 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Progressive by 5.7% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock worth $411,506,000 after acquiring an additional 97,275 shares during the last quarter. Finally, Investment House LLC bought a new position in Progressive during the fourth quarter worth $8,447,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 1.8%

PGR opened at $234.84 on Tuesday. The company has a market capitalization of $137.23 billion, a P/E ratio of 11.94, a P/E/G ratio of 4.36 and a beta of 0.26. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The firm’s fifty day moving average price is $207.57 and its two-hundred day moving average price is $206.81. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.37 EPS. On average, analysts anticipate that The Progressive Corporation will post 17.3 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is presently 2.03%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PGR. Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research report on Friday, May 22nd. Evercore set a $240.00 price objective on shares of Progressive in a report on Friday. Barclays set a $247.00 price objective on shares of Progressive in a research report on Wednesday, March 18th. Finally, Bank of America reduced their target price on shares of Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research note on Thursday, June 18th. Six investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $238.05.

Insider Buying and Selling

In other Progressive news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares of the company’s stock, valued at approximately $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the sale, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 15,230 shares of company stock valued at $3,165,817 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Progressive Company 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.