165,307 Shares in The Progressive Corporation $PGR Purchased by SEB Asset Management AB

SEB Asset Management AB acquired a new stake in The Progressive Corporation (NYSE:PGR) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 165,307 shares of the insurance provider’s stock, valued at approximately $32,770,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after buying an additional 593,612 shares in the last quarter. State Street Corp lifted its position in shares of Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after acquiring an additional 78,374 shares during the period. Capital International Investors lifted its position in shares of Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after acquiring an additional 1,217,527 shares during the period. GQG Partners LLC grew its holdings in shares of Progressive by 11.7% during the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after purchasing an additional 1,092,151 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Progressive during the 4th quarter worth $1,836,094,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Key Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Reuters reported that Progressive’s quarterly profit rose on higher auto insurance demand, reinforcing the view that core underwriting and pricing trends remain healthy. Progressive’s quarterly profit rises on higher auto insurance demand
• Positive Sentiment: Some commentary remains constructive after Q2, noting that Progressive continues to grow policies and remains a leading property and casualty insurer, which may help investor confidence. Progressive Is The P&C Insurer To Hold, After Policies Grow In Q2
• Neutral Sentiment: Bank of America raised its price target to $308 and kept a buy rating, signaling optimism even though the target was trimmed slightly from prior levels. Progressive Given New $308.00 Price Target at Bank of America
• Neutral Sentiment: Other analysts also reduced their forecasts after the mixed Q2 report, but several still view the shares as fairly valued to modestly attractive from current levels. Progressive Analysts Slash Their Forecasts After Q2 Results
• Negative Sentiment: BMO Capital Markets cut its price target to $205 and kept a market perform rating, reflecting a more cautious stance following the earnings release. BMO Capital Markets price target cut
• Negative Sentiment: Keefe, Bruyette & Woods also lowered its target to $226 and maintained a market perform rating, adding to the post-earnings analyst headwinds. KBW price target cut

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the transaction, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares in the company, valued at approximately $4,877,376.18. The trade was a 23.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 15,230 shares of company stock worth $3,165,817. Company insiders own 0.32% of the company’s stock.

Progressive Price Performance

Shares of PGR opened at $207.73 on Monday. The business has a 50-day moving average of $208.77 and a 200-day moving average of $206.35. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The company has a market capitalization of $121.38 billion, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 4.86 and a beta of 0.26. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of analyst reports. Evercore set a $240.00 price target on Progressive in a research note on Friday, July 10th. Wells Fargo & Company lowered their price target on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday. Mizuho upped their price objective on Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research note on Thursday. Finally, Royal Bank Of Canada set a $208.00 target price on Progressive in a research report on Friday, May 22nd. Five analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $235.05.

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.