33,402 Shares in The Progressive Corporation $PGR Bought by Danica Pension Livsforsikringsaktieselskab

Danica Pension Livsforsikringsaktieselskab acquired a new stake in The Progressive Corporation (NYSE:PGR) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 33,402 shares of the insurance provider’s stock, valued at approximately $7,297,000.

Several other institutional investors also recently modified their holdings of PGR. BlackRock Inc. acquired a new position in Progressive during the second quarter worth approximately $10,496,271,000. Norges Bank bought a new stake in Progressive in the fourth quarter valued at approximately $1,836,094,000. Deutsche Bank AG acquired a new stake in shares of Progressive in the second quarter valued at approximately $1,098,838,000. Wellington Management Group LLP boosted its stake in shares of Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after acquiring an additional 4,197,212 shares during the period. Finally, Diamant Asset Management Inc. boosted its stake in shares of Progressive by 19,724.0% during the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock worth $806,614,000 after acquiring an additional 4,048,351 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other news, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the transaction, the chief financial officer directly owned 42,595 shares in the company, valued at $9,370,900. The trade was a 7.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 82,224 shares of company stock worth $17,416,438 over the last quarter. Insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PGR shares. HSBC increased their price objective on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. JPMorgan Chase & Co. lowered their price target on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. William Blair restated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Finally, BMO Capital Markets reduced their price objective on Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $233.16.

Progressive Stock Up 1.5%

PGR stock opened at $206.98 on Wednesday. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The business has a 50-day simple moving average of $214.58 and a 200 day simple moving average of $206.39. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market cap of $120.33 billion, a PE ratio of 10.38, a price-to-earnings-growth ratio of 2.82 and a beta of 0.27.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating analysts’ consensus estimates of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter last year, the business posted $5.40 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. Sell-side analysts anticipate that The Progressive Corporation will post 17.57 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is 2.01%.

About Progressive

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.