OFI Invest Asset Management Sells 70,892 Shares of The Progressive Corporation $PGR

OFI Invest Asset Management reduced its position in The Progressive Corporation (NYSE:PGR) by 29.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 172,730 shares of the insurance provider’s stock after selling 70,892 shares during the quarter. OFI Invest Asset Management’s holdings in Progressive were worth $39,334,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Evermay Wealth Management LLC boosted its stake in Progressive by 4.7% during the fourth quarter. Evermay Wealth Management LLC now owns 1,338 shares of the insurance provider’s stock worth $305,000 after acquiring an additional 60 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its stake in Progressive by 6.9% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 9,586 shares of the insurance provider’s stock worth $2,183,000 after acquiring an additional 615 shares in the last quarter. Oak Thistle LLC raised its holdings in Progressive by 201.6% during the fourth quarter. Oak Thistle LLC now owns 11,876 shares of the insurance provider’s stock worth $2,704,000 after buying an additional 7,938 shares during the last quarter. Greenleaf Trust raised its holdings in Progressive by 7.6% during the fourth quarter. Greenleaf Trust now owns 11,800 shares of the insurance provider’s stock worth $2,687,000 after buying an additional 835 shares during the last quarter. Finally, South Shore Capital Advisors acquired a new position in Progressive during the fourth quarter worth $221,000. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In related news, CAO Carl G. Joyce sold 270 shares of the firm’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Maribel Pumarejo sold 739 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,687 shares of company stock valued at $2,413,044 in the last three months. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

Shares of PGR stock opened at $198.13 on Thursday. The firm has a 50-day moving average of $204.18 and a 200-day moving average of $216.78. The company has a market cap of $115.90 billion, a P/E ratio of 10.30, a P/E/G ratio of 5.65 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The Progressive Corporation has a one year low of $192.02 and a one year high of $289.96.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is 2.08%.

Analysts Set New Price Targets

Several research analysts have weighed in on PGR shares. William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. The Goldman Sachs Group restated a “buy” rating and set a $225.00 price objective on shares of Progressive in a report on Monday, February 23rd. BMO Capital Markets lowered their price objective on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a report on Wednesday, March 11th. Mizuho lowered their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Finally, Morgan Stanley lowered their price objective on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $237.44.

Progressive 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.