The Progressive Corporation $PGR Shares Sold by OFI Invest Asset Management

OFI Invest Asset Management lessened its position in shares of The Progressive Corporation (NYSE:PGR) by 29.1% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 119,252 shares of the insurance provider’s stock after selling 49,040 shares during the quarter. OFI Invest Asset Management’s holdings in Progressive were worth $26,051,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Bard Associates Inc. acquired a new stake in Progressive during the fourth quarter worth $27,000. Bogart Wealth LLC raised its position in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares during the period. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive in the 4th quarter valued at $29,000. HHM Wealth Advisors LLC lifted its stake in shares of Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 126 shares during the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new position in shares of Progressive during the 4th quarter worth $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

NYSE PGR opened at $209.48 on Friday. The company has a market cap of $121.79 billion, a P/E ratio of 10.51, a P/E/G ratio of 2.81 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The stock has a 50-day moving average of $214.36 and a two-hundred day moving average of $206.47. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.40 earnings per share. As a group, analysts anticipate that The Progressive Corporation will post 17.57 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive’s dividend payout ratio is presently 2.01%.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the sale, the chief executive officer directly owned 522,776 shares in the company, valued at $111,199,682.96. This represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. This represents a 7.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 74,885 shares of company stock worth $15,880,459 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on PGR. Keefe, Bruyette & Woods cut their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. William Blair reaffirmed a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Evercore set a $240.00 target price on shares of Progressive in a research note on Friday, July 10th. HSBC lifted their price target on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Finally, Bank of America dropped their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $235.00.

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.