The Progressive Corporation $PGR Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. trimmed its position in The Progressive Corporation (NYSE:PGR) by 35.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 5,914 shares of the insurance provider’s stock after selling 3,250 shares during the period. Oppenheimer & Co. Inc.’s holdings in Progressive were worth $1,347,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Dagco Inc. acquired a new stake in Progressive in the fourth quarter valued at $28,000. Ameriflex Group Inc. boosted its position in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after acquiring an additional 65 shares in the last quarter. Bangor Savings Bank increased its holdings in shares of Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 58 shares during the last quarter. Riverview Trust Co raised its position in shares of Progressive by 48.6% during the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 53 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Progressive by 833.3% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 168 shares of the insurance provider’s stock worth $38,000 after acquiring an additional 150 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Progressive news, insider Karen Bailo sold 3,517 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. This represents a 9.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction dated Tuesday, February 24th. The shares were 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. In the last 90 days, insiders have sold 6,933 shares of company stock valued at $1,441,564. Corporate insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $259.00 price target on shares of Progressive in a report on Monday, March 2nd. BMO Capital Markets raised their price objective on shares of Progressive from $208.00 to $221.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Mizuho reduced their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research report on Friday, March 20th. Bank of America upped their target price on shares of Progressive from $295.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Finally, Evercore reiterated a “negative” rating on shares of Progressive in a research note on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $238.39.

Progressive Stock Performance

NYSE PGR opened at $197.75 on Wednesday. The firm has a market cap of $115.68 billion, a P/E ratio of 10.05, a P/E/G ratio of 6.57 and a beta of 0.31. The Progressive Corporation has a 52-week low of $192.02 and a 52-week high of $289.96. The business’s 50-day moving average price is $203.05 and its 200 day moving average price is $211.81. The company has a quick ratio of 0.35, a current ratio of 0.33 and a debt-to-equity ratio of 0.26.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the prior year, the business earned $4.37 EPS. The firm’s revenue was up 6.5% compared to the same quarter last year. On average, equities research analysts expect that The Progressive Corporation will post 16.38 earnings per share for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Thursday, April 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.03%.

About Progressive

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.