Oppenheimer Asset Management Inc. Has $13.79 Million Stake in The Progressive Corporation $PGR

Oppenheimer Asset Management Inc. reduced its position in shares of The Progressive Corporation (NYSE:PGR) by 13.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 55,830 shares of the insurance provider’s stock after selling 8,391 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Progressive were worth $13,787,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PGR. LRI Investments LLC grew its stake in Progressive by 13.4% during the 2nd quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after acquiring an additional 40 shares in the last quarter. CVA Family Office LLC grew its position in Progressive by 4.2% during the second quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock valued at $281,000 after purchasing an additional 42 shares in the last quarter. Bell Investment Advisors Inc increased its stake in Progressive by 20.8% in the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after buying an additional 44 shares during the period. Maia Wealth LLC lifted its position in Progressive by 5.4% in the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after buying an additional 44 shares in the last quarter. Finally, Trail Ridge Investment Advisors LLC lifted its position in Progressive by 1.6% in the 2nd quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider’s stock worth $775,000 after buying an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. The trade was a 10.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 1,344 shares of the stock in a transaction on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the sale, the insider directly owned 26,354 shares of the company’s stock, valued at approximately $5,924,379.20. This trade represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,443 shares of company stock worth $2,723,061 in the last 90 days. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Mizuho set a $240.00 price objective on Progressive in a report on Wednesday, January 14th. Citigroup cut their price target on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. UBS Group set a $226.00 price objective on shares of Progressive in a research report on Monday, February 2nd. Finally, The Goldman Sachs Group set a $227.00 target price on shares of Progressive in a research report on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Progressive presently has an average rating of “Hold” and a consensus target price of $251.29.

Progressive Trading Down 0.4%

Shares of PGR stock opened at $201.44 on Tuesday. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The company has a market cap of $118.12 billion, a PE ratio of 10.47, a price-to-earnings-growth ratio of 1.25 and a beta of 0.33. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The business’s 50 day moving average is $216.67 and its two-hundred day moving average is $228.89.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s payout ratio is currently 2.08%.

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.