Avanza Fonder AB Has $11.35 Million Stock Position in The Progressive Corporation $PGR

Avanza Fonder AB increased its holdings in The Progressive Corporation (NYSE:PGR) by 7.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,853 shares of the insurance provider’s stock after acquiring an additional 3,663 shares during the period. Avanza Fonder AB’s holdings in Progressive were worth $11,353,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PGR. Brighton Jones LLC lifted its holdings in shares of 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 purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Progressive during the fourth quarter valued at approximately $269,000. Bison Wealth LLC grew its holdings in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after buying an additional 80 shares in the last quarter. AlphaCore Capital LLC raised its position in Progressive by 15.0% in the 2nd quarter. AlphaCore Capital LLC now owns 2,754 shares of the insurance provider’s stock valued at $735,000 after buying an additional 359 shares during the last quarter. Finally, Vestor Capital LLC raised its position in Progressive by 210.2% in the 2nd quarter. Vestor Capital LLC now owns 850 shares of the insurance provider’s stock valued at $227,000 after buying an additional 576 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and set a $225.00 price objective on shares of Progressive in a report on Monday, February 23rd. Bank of America lowered their target price on shares of Progressive from $308.00 to $305.00 and set a “buy” rating for the company in a report on Thursday, March 19th. Wells Fargo & Company boosted their price target on shares of Progressive from $214.00 to $217.00 and gave the stock an “equal weight” rating in a report on Thursday, March 19th. Jefferies Financial Group set a $216.00 price objective on shares of Progressive in a research report on Wednesday, February 11th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $239.83.

Insider Buying and Selling at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was 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 approximately $5,330,062.50. This trade represents a 7.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 11,687 shares of company stock valued at $2,413,044. Insiders own 0.33% of the company’s stock.

Progressive Stock Down 0.5%

Shares of NYSE PGR opened at $204.97 on Tuesday. The Progressive Corporation has a one year low of $197.92 and a one year high of $289.96. 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 business’s fifty day moving average price is $205.84 and its 200-day moving average price is $220.49. The stock has a market capitalization of $120.09 billion, a PE ratio of 10.65, a P/E/G ratio of 6.49 and a beta of 0.33.

Progressive Dividend Announcement

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