Oppenheimer Asset Management Inc. Has $17.14 Million Stake in The Progressive Corporation $PGR

Oppenheimer Asset Management Inc. decreased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 20.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 64,221 shares of the insurance provider’s stock after selling 16,956 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Progressive were worth $17,138,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Interchange Capital Partners LLC raised its stake in Progressive by 5.5% during the second quarter. Interchange Capital Partners LLC now owns 2,219 shares of the insurance provider’s stock worth $592,000 after acquiring an additional 116 shares in the last quarter. Cabot Wealth Management Inc. bought a new stake in shares of Progressive during the second quarter worth about $1,955,000. Brighton Jones LLC grew its holdings in shares of Progressive by 6.3% during the second quarter. Brighton Jones LLC now owns 4,216 shares of the insurance provider’s stock worth $1,125,000 after purchasing an additional 251 shares during the last quarter. MQS Management LLC grew its holdings in shares of Progressive by 96.8% during the second quarter. MQS Management LLC now owns 1,610 shares of the insurance provider’s stock worth $430,000 after purchasing an additional 792 shares during the last quarter. Finally, Shaker Investments LLC OH bought a new stake in shares of Progressive during the second quarter worth about $2,623,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on PGR shares. Raymond James Financial reduced their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Citigroup reduced their price target on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a report on Thursday, October 16th. JPMorgan Chase & Co. boosted their price target on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Morgan Stanley set a $214.00 price target on Progressive and gave the stock an “underweight” rating in a report on Monday, October 20th. Finally, Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Seven analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $270.40.

Progressive Trading Down 0.8%

NYSE PGR opened at $218.93 on Monday. The firm has a market capitalization of $128.34 billion, a P/E ratio of 12.01, a PEG ratio of 1.26 and a beta of 0.32. The business has a fifty day simple moving average of $241.10 and a 200 day simple moving average of $256.29. The Progressive Corporation has a 12 month low of $217.20 and a 12 month high of $292.99. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) 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 business had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same period in the prior year, the business earned $3.58 earnings per share. On average, analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Thursday, October 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, October 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $556,230.04. Following the completion of the transaction, the insider owned 45,724 shares in the company, valued at $11,466,664.72. This trade represents a 4.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 58,500 shares of company stock worth $14,430,089 over the last quarter. Insiders own 0.33% of the company’s stock.

Progressive Company 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.