Nordea Investment Management AB Has $255.88 Million Position in The Progressive Co. (NYSE:PGR)

Nordea Investment Management AB raised its holdings in The Progressive Co. (NYSE:PGR) by 30.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,069,697 shares of the insurance provider’s stock after acquiring an additional 249,958 shares during the quarter. Nordea Investment Management AB’s holdings in Progressive were worth $255,882,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Davis Capital Management bought a new position in shares of Progressive during the third quarter valued at about $25,000. DiNuzzo Private Wealth Inc. lifted its holdings in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares in the last quarter. Kimelman & Baird LLC bought a new stake in Progressive during the second quarter valued at $36,000. Sachetta LLC increased its holdings in shares of Progressive by 34.0% in the 2nd quarter. Sachetta LLC now owns 209 shares of the insurance provider’s stock worth $45,000 after buying an additional 53 shares during the last quarter. Finally, Friedenthal Financial bought a new stake in Progressive in the 3rd quarter worth approximately $49,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PGR has been the topic of a number of research analyst reports. Evercore ISI boosted their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Roth Mkm upped their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. boosted their price target on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Jefferies Financial Group lifted their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $275.94.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Monday, December 30th. The shares were sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,981 shares of company stock worth $5,816,178 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Up 0.7 %

NYSE:PGR opened at $242.22 on Monday. The stock has a 50-day simple moving average of $251.55 and a 200-day simple moving average of $240.50. The stock has a market cap of $141.90 billion, a P/E ratio of 17.60, a P/E/G ratio of 0.70 and a beta of 0.41. The Progressive Co. has a 1 year low of $161.56 and a 1 year high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last announced its earnings results 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. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. As a group, analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend is Friday, January 10th. Progressive’s dividend payout ratio is currently 2.91%.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.