AMF Tjanstepension AB Has $122.85 Million Stock Position in The Progressive Corporation $PGR

AMF Tjanstepension AB boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 105.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 539,475 shares of the insurance provider’s stock after buying an additional 277,354 shares during the period. AMF Tjanstepension AB’s holdings in Progressive were worth $122,849,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PGR. Brighton Jones LLC raised its holdings in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new stake in Progressive during the 4th quarter worth approximately $269,000. Bison Wealth LLC raised its holdings in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after buying an additional 80 shares during the period. HUB Investment Partners LLC raised its holdings in Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after buying an additional 166 shares during the period. Finally, Diversify Wealth Management LLC raised its holdings in Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of PGR opened at $203.91 on Tuesday. The company has a market cap of $119.15 billion, a price-to-earnings ratio of 10.37, a PEG ratio of 5.77 and a beta of 0.31. The Progressive Corporation has a 1-year low of $191.75 and a 1-year high of $289.96. The company’s fifty day simple moving average is $200.89 and its 200 day simple moving average is $210.40. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the company earned $4.37 earnings per share. On average, research analysts forecast that The Progressive Corporation will post 16.4 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Activity at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the transaction, the executive directly owned 26,250 shares of the company’s stock, valued at $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the transaction, the chief accounting officer directly owned 558 shares of the company’s stock, valued at approximately $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 6,933 shares of company stock valued at $1,441,564. 0.32% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PGR. Bank of America lifted their price objective on shares of Progressive from $295.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Piper Sandler reiterated an “overweight” rating and issued a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. Citigroup lowered their price target on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Mizuho reduced their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research note on Friday, March 20th. Finally, Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $238.39.

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.