Alecta Tjanstepension Omsesidigt Invests $131.76 Million in The Progressive Corporation $PGR

Alecta Tjanstepension Omsesidigt acquired a new position in shares of The Progressive Corporation (NYSE:PGR) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 533,600 shares of the insurance provider’s stock, valued at approximately $131,757,000. Alecta Tjanstepension Omsesidigt owned about 0.09% of Progressive at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Progressive in the second quarter valued at approximately $2,156,939,000. Capital International Investors lifted its position in Progressive by 78.9% in the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after purchasing an additional 6,045,732 shares during the period. Alliancebernstein L.P. boosted its stake in Progressive by 32.8% during the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after purchasing an additional 2,709,417 shares in the last quarter. Capital Research Global Investors boosted its stake in Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after purchasing an additional 2,314,864 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its position in shares of Progressive by 2,012.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock valued at $189,546,000 after purchasing an additional 731,207 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 1.2%

Shares of NYSE:PGR opened at $201.37 on Thursday. The firm has a 50 day simple moving average of $206.46 and a 200 day simple moving average of $221.58. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $289.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The company has a market cap of $117.99 billion, a PE ratio of 10.47, a price-to-earnings-growth ratio of 8.88 and a beta of 0.33.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio is currently 2.08%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Roth Mkm set a $235.00 price objective on Progressive in a research note on Thursday, February 19th. Argus raised Progressive to a “hold” rating in a report on Thursday, March 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research report on Thursday, February 19th. Finally, Barclays set a $247.00 price objective on shares of Progressive in a research report on Wednesday. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $240.94.

Insider Buying and Selling

In other news, CAO Carl G. Joyce sold 141 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $29,892.00. Following the transaction, the chief accounting officer owned 828 shares in the company, valued at $175,536. This represents a 14.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Karen Bailo sold 3,517 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 12,761 shares of company stock worth $2,659,420. Insiders own 0.34% of the company’s stock.

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.