Oppenheimer & Co. Inc. Sells 733 Shares of The Progressive Co. (NYSE:PGR)

Oppenheimer & Co. Inc. decreased its stake in The Progressive Co. (NYSE:PGRFree Report) by 11.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,461 shares of the insurance provider’s stock after selling 733 shares during the period. Oppenheimer & Co. Inc.’s holdings in Progressive were worth $761,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in PGR. Moneta Group Investment Advisors LLC bought a new stake in Progressive in the fourth quarter worth about $840,885,000. Norges Bank bought a new stake in Progressive in the fourth quarter worth about $802,968,000. Meritage Group LP bought a new stake in Progressive in the second quarter worth about $229,590,000. Morgan Stanley raised its position in Progressive by 25.4% in the fourth quarter. Morgan Stanley now owns 6,721,345 shares of the insurance provider’s stock worth $871,826,000 after acquiring an additional 1,361,665 shares during the period. Finally, Brown Advisory Inc. raised its position in Progressive by 86.4% in the second quarter. Brown Advisory Inc. now owns 2,543,326 shares of the insurance provider’s stock worth $336,660,000 after acquiring an additional 1,178,878 shares during the period. Institutional investors own 83.66% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Monday, October 16th. Roth Mkm boosted their price target on shares of Progressive from $185.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. BMO Capital Markets boosted their price target on shares of Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, January 25th. Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $158.00 to $175.00 and gave the company a “market perform” rating in a research report on Friday, January 26th. Finally, Oppenheimer began coverage on shares of Progressive in a research report on Thursday, November 16th. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $169.22.

Check Out Our Latest Research Report on Progressive

Progressive Price Performance

PGR stock opened at $182.96 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.35 and a quick ratio of 0.33. The Progressive Co. has a one year low of $111.41 and a one year high of $184.27. The stock has a market cap of $107.04 billion, a PE ratio of 27.81, a P/E/G ratio of 1.01 and a beta of 0.35. The firm has a 50 day simple moving average of $166.69 and a two-hundred day simple moving average of $151.63.

Progressive (NYSE:PGRGet Free Report) last released its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $2.96 EPS for the quarter, topping analysts’ consensus estimates of $2.43 by $0.53. Progressive had a net margin of 6.28% and a return on equity of 21.10%. The business had revenue of $16.89 billion during the quarter, compared to analysts’ expectations of $16.10 billion. During the same quarter in the previous year, the company earned $1.52 EPS. On average, analysts predict that The Progressive Co. will post 8.59 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 26th. Stockholders of record on Friday, January 19th were paid a $0.10 dividend. The ex-dividend date was Thursday, January 18th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.22%. Progressive’s dividend payout ratio (DPR) is 12.92%.

Insider Activity

In other news, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $93,251.24. Following the completion of the sale, the insider now owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Andrew J. Quigg sold 551 shares of the company’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $93,251.24. Following the completion of the sale, the insider now owns 27,921 shares of the company’s stock, valued at approximately $4,725,350.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 90,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $162.89, for a total transaction of $14,660,100.00. Following the completion of the sale, the chief executive officer now directly owns 465,735 shares of the company’s stock, valued at approximately $75,863,574.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 114,862 shares of company stock valued at $18,747,693. Corporate insiders own 0.34% of the company’s stock.

Progressive Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.