Oppenheimer Asset Management Inc. Sells 2,351 Shares of The Progressive Co. (NYSE:PGR)

Oppenheimer Asset Management Inc. trimmed its holdings in shares of The Progressive Co. (NYSE:PGRGet Rating) by 2.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 102,134 shares of the insurance provider’s stock after selling 2,351 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Progressive were worth $10,484,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA raised its holdings in Progressive by 31.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 16,353,656 shares of the insurance provider’s stock worth $1,478,206,000 after acquiring an additional 3,924,541 shares during the last quarter. Geode Capital Management LLC raised its holdings in Progressive by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,726,584 shares of the insurance provider’s stock worth $967,325,000 after acquiring an additional 248,302 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Progressive by 8.1% in the 3rd quarter. Alliancebernstein L.P. now owns 7,618,341 shares of the insurance provider’s stock worth $688,622,000 after acquiring an additional 569,211 shares during the last quarter. Bank of America Corp DE raised its holdings in Progressive by 32.9% in the 2nd quarter. Bank of America Corp DE now owns 7,045,924 shares of the insurance provider’s stock worth $691,980,000 after acquiring an additional 1,743,191 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its holdings in Progressive by 0.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 6,982,577 shares of the insurance provider’s stock worth $631,155,000 after acquiring an additional 30,445 shares during the last quarter. Hedge funds and other institutional investors own 82.75% of the company’s stock.

A number of brokerages have recently issued reports on PGR. Barclays boosted their price objective on shares of Progressive from $85.00 to $88.00 and gave the company an “underweight” rating in a research report on Thursday, March 17th. Evercore ISI raised shares of Progressive from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $90.00 to $118.00 in a research report on Thursday, January 6th. UBS Group downgraded shares of Progressive from a “buy” rating to a “neutral” rating and upped their target price for the stock from $106.00 to $114.00 in a report on Monday, February 14th. They noted that the move was a valuation call. Edward Jones downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, February 9th. Finally, Raymond James increased their price objective on shares of Progressive from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, March 18th. Six analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $102.33.

In other Progressive news, insider Patrick K. Callahan sold 3,230 shares of Progressive stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $106.82, for a total transaction of $345,028.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,068 shares of Progressive stock in a transaction dated Friday, February 4th. The stock was sold at an average price of $109.49, for a total transaction of $116,935.32. The disclosure for this sale can be found here. Insiders sold 79,630 shares of company stock valued at $8,916,018 in the last ninety days. 0.33% of the stock is owned by corporate insiders.

NYSE PGR opened at $118.51 on Monday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $109.36 and a two-hundred day simple moving average of $102.05. The Progressive Co. has a 12-month low of $89.35 and a 12-month high of $120.17. The stock has a market cap of $69.31 billion, a P/E ratio of 20.90, a P/E/G ratio of 1.35 and a beta of 0.47.

Progressive (NYSE:PGRGet Rating) last released its quarterly earnings data on Wednesday, January 26th. The insurance provider reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.06. Progressive had a net margin of 7.02% and a return on equity of 14.69%. The company had revenue of $10.75 billion during the quarter, compared to analysts’ expectations of $10.78 billion. During the same quarter in the previous year, the company earned $1.83 earnings per share. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. As a group, sell-side analysts forecast that The Progressive Co. will post 4.86 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 14th. Shareholders of record on Thursday, April 7th will be issued a $0.10 dividend. The ex-dividend date is Wednesday, April 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.34%. Progressive’s payout ratio is 7.05%.

Progressive Profile (Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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