Skandinaviska Enskilda Banken AB publ Sells 9,916 Shares of The Progressive Corporation $PGR

Skandinaviska Enskilda Banken AB publ cut its stake in The Progressive Corporation (NYSE:PGR) by 1.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 685,100 shares of the insurance provider’s stock after selling 9,916 shares during the quarter. Progressive comprises about 0.7% of Skandinaviska Enskilda Banken AB publ’s portfolio, making the stock its 23rd biggest position. Skandinaviska Enskilda Banken AB publ owned approximately 0.12% of Progressive worth $169,185,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PGR. Davis Capital Management bought a new position in Progressive in the third quarter worth about $25,000. Atlantic Union Bankshares Corp purchased a new position in shares of Progressive in the 2nd quarter worth approximately $33,000. Westside Investment Management Inc. raised its stake in shares of Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares in the last quarter. Howard Hughes Medical Institute purchased a new stake in Progressive during the second quarter valued at approximately $34,000. Finally, TruNorth Capital Management LLC boosted its stake in Progressive by 450.0% in the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 135 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Progressive news, CFO John P. Sauerland sold 5,000 shares of the stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the transaction, the chief financial officer owned 223,024 shares in the company, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $228.29, for a total value of $307,050.05. Following the completion of the sale, the insider directly owned 27,698 shares in the company, valued at approximately $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 12,443 shares of company stock worth $2,723,061. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on PGR. Barclays upgraded Progressive from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $257.00 to $265.00 in a report on Thursday, January 8th. Jefferies Financial Group set a $216.00 price target on Progressive in a report on Wednesday, February 11th. JPMorgan Chase & Co. cut their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a report on Wednesday, January 7th. Mizuho set a $240.00 target price on shares of Progressive in a research note on Wednesday, January 14th. Finally, HSBC lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Seven investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and a consensus price target of $250.35.

Progressive Stock Performance

Shares of NYSE PGR opened at $204.43 on Tuesday. The company’s fifty day moving average price is $214.61 and its 200 day moving average price is $227.54. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $292.99. The company has a market capitalization of $119.88 billion, a PE ratio of 10.63, a price-to-earnings-growth ratio of 7.16 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s payout ratio is currently 2.08%.

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.