The Progressive Co. (NYSE:PGR) Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 10.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 89,191 shares of the insurance provider’s stock after selling 9,950 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Progressive were worth $21,371,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PGR. Assenagon Asset Management S.A. lifted its position in shares of Progressive by 10.8% during the third quarter. Assenagon Asset Management S.A. now owns 18,371 shares of the insurance provider’s stock worth $4,662,000 after purchasing an additional 1,789 shares during the last quarter. PFG Investments LLC bought a new position in shares of Progressive during the third quarter worth about $244,000. Pallas Capital Advisors LLC lifted its position in shares of Progressive by 121.3% during the third quarter. Pallas Capital Advisors LLC now owns 5,503 shares of the insurance provider’s stock worth $1,359,000 after purchasing an additional 3,016 shares during the last quarter. abrdn plc lifted its holdings in Progressive by 5.7% in the third quarter. abrdn plc now owns 392,382 shares of the insurance provider’s stock worth $99,000,000 after acquiring an additional 21,293 shares during the last quarter. Finally, Diversify Advisory Services LLC bought a new position in Progressive in the third quarter worth about $235,000. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 1.9 %

Progressive stock opened at $273.13 on Thursday. The company has a 50 day moving average price of $248.63 and a 200 day moving average price of $250.30. The Progressive Co. has a 52 week low of $186.94 and a 52 week high of $280.25. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The firm has a market capitalization of $160.00 billion, a price-to-earnings ratio of 18.97, a P/E/G ratio of 1.70 and a beta of 0.42.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. The ex-dividend date of this dividend was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 9,066 shares of Progressive stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the completion of the sale, the chief executive officer now owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. The trade was a 1.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, 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 sold 56,361 shares of company stock valued at $13,983,575 in the last quarter. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PGR. BMO Capital Markets cut their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Hsbc Global Res cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Bank of America raised their target price on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Barclays lifted their price target on Progressive from $261.00 to $264.00 and gave the company an “equal weight” rating in a report on Tuesday, February 18th. Finally, Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a report on Thursday, December 26th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $277.59.

Progressive 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.