Danica Pension Livsforsikringsaktieselskab Purchases Shares of 63,036 The Progressive Corporation $PGR

Danica Pension Livsforsikringsaktieselskab acquired a new stake in The Progressive Corporation (NYSE:PGR) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 63,036 shares of the insurance provider’s stock, valued at approximately $15,567,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PGR. Brighton Jones LLC raised its stake in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the 4th quarter worth approximately $269,000. Bison Wealth LLC boosted its stake in shares of 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 acquiring an additional 80 shares during the period. Cetera Investment Advisers increased its holdings in shares of Progressive by 27.7% during the 2nd quarter. Cetera Investment Advisers now owns 97,414 shares of the insurance provider’s stock worth $25,996,000 after acquiring an additional 21,131 shares during the last quarter. Finally, Avantax Advisory Services Inc. raised its stake in Progressive by 2.6% in the 2nd quarter. Avantax Advisory Services Inc. now owns 29,666 shares of the insurance provider’s stock valued at $7,917,000 after acquiring an additional 760 shares during the period. 85.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Morgan Stanley cut their price target on Progressive from $214.00 to $205.00 and set an “underweight” rating for the company in a report on Wednesday, January 28th. Piper Sandler reiterated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Keefe, Bruyette & Woods increased their price objective on shares of Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a research report on Thursday, February 19th. BMO Capital Markets cut their target price on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a research note on Wednesday, March 11th. Finally, Wells Fargo & Company reduced their target price on shares of Progressive from $220.00 to $214.00 and set an “equal weight” rating for the company in a report on Thursday, February 19th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and a consensus target price of $241.94.

Insiders Place Their Bets

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive directly owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 1,344 shares of Progressive stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This trade represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 12,761 shares of company stock valued at $2,659,420 in the last three months. Insiders own 0.33% of the company’s stock.

Progressive Stock Performance

Shares of NYSE PGR opened at $203.76 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The stock’s fifty day moving average price is $206.62 and its two-hundred day moving average price is $221.72. The Progressive Corporation has a one year low of $197.92 and a one year high of $291.64. The firm has a market cap of $119.39 billion, a price-to-earnings ratio of 10.59, a P/E/G ratio of 8.92 and a beta of 0.33.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive’s payout ratio is presently 2.08%.

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.