47,876 Shares in The Progressive Co. (NYSE:PGR) Purchased by Avanza Fonder AB

17 Jan 2025, 15:12 by Kim Johansen · The Markets Daily

Avanza Fonder AB bought a new stake in shares of The Progressive Co. (NYSE:PGR – Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 47,876 shares of the insurance provider’s stock, valued at approximately $11,472,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PGR. Geode Capital Management LLC raised its holdings in shares of Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after acquiring an additional 1,682,213 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after buying an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after buying an additional 641,943 shares during the last quarter. International Assets Investment Management LLC grew its position in Progressive by 29,701.6% during the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after acquiring an additional 594,330 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Progressive by 206.8% in the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after acquiring an additional 590,235 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 0.8 %

Shares of NYSE:PGR opened at $244.35 on Friday. The firm has a market capitalization of $143.14 billion, a P/E ratio of 17.85, a P/E/G ratio of 0.61 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a 50 day moving average price of $250.72 and a 200-day moving average price of $242.01. The Progressive Co. has a 52-week low of $166.92 and a 52-week high of $270.62.

Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, equities research analysts anticipate that The Progressive Co. will post 13.52 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were given a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Analyst Upgrades and Downgrades

Several research firms recently commented on PGR. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. TD Cowen lifted their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Barclays dropped their target price on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a report on Monday, January 6th. BMO Capital Markets lowered their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, Jefferies Financial Group raised their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $275.24.

Get Our Latest Research Report on PGR

Insider Buying and Selling

In other news, insider Andrew J. Quigg sold 681 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the transaction, the insider now owns 33,612 shares in the company, valued at $8,137,465.20. This represents a 1.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,919 shares of company stock valued at $8,222,168 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Progressive Profile

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