The Progressive Corporation $PGR Shares Sold by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S reduced its holdings in The Progressive Corporation (NYSE:PGR) by 29.7% during the 4th quarter, according to the company in its most recent 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 quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Progressive were worth $58,512,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PGR. Illinois Municipal Retirement Fund increased its holdings in Progressive by 30.2% during the third quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock valued at $25,381,000 after buying an additional 23,833 shares during the period. Allstate Corp increased its holdings in Progressive by 106.1% during the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after buying an additional 22,915 shares during the period. Prospera Financial Services Inc increased its holdings in Progressive by 36.9% during the third quarter. Prospera Financial Services Inc now owns 19,240 shares of the insurance provider’s stock valued at $4,752,000 after buying an additional 5,184 shares during the period. Norges Bank purchased a new position in Progressive during the fourth quarter valued at approximately $1,836,094,000. Finally, Mariner LLC increased its holdings in Progressive by 7.9% during the third quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock valued at $159,183,000 after buying an additional 47,248 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other news, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. The trade was a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.32% of the company’s stock.

Progressive Price Performance

NYSE PGR opened at $204.27 on Friday. The firm’s fifty day simple moving average is $198.89 and its two-hundred day simple moving average is $208.87. 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 Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $283.95. The firm has a market capitalization of $119.37 billion, a P/E ratio of 10.39, a P/E/G ratio of 5.66 and a beta of 0.28.

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

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PGR. UBS Group lifted their price objective on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a report on Monday, March 23rd. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Wells Fargo & Company lifted their price objective on shares of Progressive from $218.00 to $222.00 and gave the company an “equal weight” rating in a report on Thursday, May 21st. Weiss Ratings lowered shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Finally, Piper Sandler reissued an “overweight” rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus target price of $238.11.

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.