Osaic Holdings Inc. Has $18.44 Million Stock Holdings in The Progressive Corporation $PGR

Osaic Holdings Inc. grew its holdings in The Progressive Corporation (NYSE:PGR) by 18.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 68,648 shares of the insurance provider’s stock after purchasing an additional 10,903 shares during the quarter. Osaic Holdings Inc.’s holdings in Progressive were worth $18,443,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Atlantic Union Bankshares Corp bought a new stake in Progressive in the second quarter worth $33,000. Westside Investment Management Inc. raised its holdings in Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares in the last quarter. Howard Hughes Medical Institute acquired a new stake in shares of Progressive in the second quarter worth about $34,000. Ransom Advisory Ltd bought a new stake in shares of Progressive during the 1st quarter worth about $35,000. Finally, Activest Wealth Management increased its holdings in shares of Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 127 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. BMO Capital Markets set a $256.00 target price on Progressive in a report on Tuesday, December 9th. Mizuho assumed coverage on Progressive in a report on Monday. They set a “neutral” rating and a $242.00 price target on the stock. UBS Group reduced their price objective on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Barclays decreased their price objective on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Finally, Bank of America lowered their target price on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research note on Tuesday, December 9th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $264.92.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider directly owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $228.29, for a total value of $307,050.05. Following the transaction, the insider owned 27,698 shares in the company, valued at $6,323,176.42. This represents a 4.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 17,673 shares of company stock worth $4,163,005 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Down 2.0%

Shares of Progressive stock opened at $227.25 on Thursday. The company’s fifty day simple moving average is $223.42 and its 200-day simple moving average is $241.71. The company has a market cap of $133.26 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 1.03 and a beta of 0.36. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the previous year, the company earned $3.58 earnings per share. As a group, sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.19%.

About Progressive

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.