Swedbank AB Sells 41,355 Shares of The Progressive Co. (NYSE:PGR)

Swedbank AB cut its stake in shares of The Progressive Co. (NYSE:PGR) by 6.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 595,402 shares of the insurance provider’s stock after selling 41,355 shares during the quarter. Swedbank AB owned approximately 0.10% of Progressive worth $151,089,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Davis Capital Management bought a new position in shares of Progressive in the third quarter valued at about $25,000. WR Wealth Planners LLC raised its holdings in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. raised its holdings in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares during the last quarter. Hilltop National Bank increased its position in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the period. Finally, LRI Investments LLC acquired a new stake in Progressive in the first quarter worth about $36,000. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Morgan Stanley lifted their price objective on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Bank of America lifted their price objective on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Keefe, Bruyette & Woods lifted their price objective on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, BMO Capital Markets lowered their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $269.81.

Progressive Trading Up 1.0 %

NYSE:PGR opened at $266.06 on Friday. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $266.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market capitalization of $155.86 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36. The business’s 50-day simple moving average is $253.06 and its 200-day simple moving average is $231.63.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Sell-side analysts expect that The Progressive Co. will post 13.12 earnings per share for the current fiscal year.

Insider Activity

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the sale, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. The trade was a 33.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

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.