OVERSEA CHINESE BANKING Corp Ltd Sells 653 Shares of The Progressive Corporation $PGR

OVERSEA CHINESE BANKING Corp Ltd decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 11.9% during the second quarter, HoldingsChannel reports. The fund owned 4,846 shares of the insurance provider’s stock after selling 653 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Progressive were worth $1,293,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PGR. TruNorth Capital Management LLC increased its position in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 63 shares during the last quarter. Ransom Advisory Ltd bought a new stake in Progressive in the first quarter worth about $35,000. Activest Wealth Management lifted its stake in Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 127 shares during the last quarter. Richardson Financial Services Inc. lifted its stake in Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares during the last quarter. Finally, Accent Capital Management LLC bought a new stake in Progressive in the first quarter worth about $39,000. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. UBS Group decreased 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. BMO Capital Markets decreased their price objective on shares of Progressive from $252.00 to $247.00 and set a “market perform” rating for the company in a research note on Thursday, October 16th. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. The Goldman Sachs Group reissued a “buy” rating and issued a $245.00 price objective on shares of Progressive in a research note on Monday. Finally, Wells Fargo & Company decreased their price objective on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Eight analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and an average price target of $268.90.

Insider Buying and Selling

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the transaction, the insider directly owned 30,388 shares of the company’s stock, valued at $7,356,934.80. This trade represents a 4.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 58,500 shares of company stock valued at $14,430,089 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $216.29 on Tuesday. The company has a 50 day moving average price of $240.48 and a 200-day moving average price of $255.91. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The Progressive Corporation has a fifty-two week low of $216.10 and a fifty-two week high of $292.99. The company has a market capitalization of $126.79 billion, a PE ratio of 11.86, a P/E/G ratio of 1.26 and a beta of 0.32.

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

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is 2.19%.

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.