Osterweis Capital Management Inc. Has $37 Million Stock Position in The Progressive Corporation $PGR

Key Points

• Osterweis Capital Management Inc. has reduced its stake in The Progressive Corporation by 9.8%, holding 130,747 shares worth approximately $37 million as of the latest reporting period.
• Several institutional investors have recently adjusted their positions in Progressive, with significant increases from GM Advisory Group LLC and Venture Visionary Partners LLC.
• Progressive has announced a quarterly dividend of $0.10 per share, payable on October 10th, reflecting a modest annualized yield of 0.2%.

Osterweis Capital Management Inc. lowered its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 9.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 130,747 shares of the insurance provider's stock after selling 14,269 shares during the quarter. Osterweis Capital Management Inc.'s holdings in Progressive were worth $37,003,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Aspire Growth Partners LLC acquired a new position in Progressive during the 1st quarter worth approximately $217,000. GM Advisory Group LLC boosted its position in Progressive by 12.7% during the 1st quarter. GM Advisory Group LLC now owns 2,687 shares of the insurance provider's stock worth $760,000 after acquiring an additional 302 shares during the last quarter. Venture Visionary Partners LLC boosted its holdings in shares of Progressive by 10.1% in the 1st quarter. Venture Visionary Partners LLC now owns 7,693 shares of the insurance provider's stock valued at $2,177,000 after buying an additional 705 shares during the last quarter. Credit Agricole S A boosted its holdings in shares of Progressive by 0.4% in the 1st quarter. Credit Agricole S A now owns 367,759 shares of the insurance provider's stock valued at $104,079,000 after buying an additional 1,588 shares during the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in shares of Progressive by 2.4% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 74,858 shares of the insurance provider's stock valued at $21,186,000 after buying an additional 1,744 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In related news, insider Lori A. Niederst sold 8,063 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the transaction, the insider owned 39,040 shares in the company, valued at approximately $9,767,027.20. This trade represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,232 shares of the firm's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $242.16, for a total value of $1,509,141.12. Following the completion of the transaction, the insider owned 27,844 shares in the company, valued at $6,742,703.04. The trade was a 18.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,313 shares of company stock valued at $28,349,549 in the last ninety days. Insiders own 0.33% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group dropped their price target on Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Keefe, Bruyette & Woods dropped their price target on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research note on Thursday, July 17th. Bank of America dropped their price target on Progressive from $337.00 to $336.00 and set a "buy" rating on the stock in a research note on Thursday, July 17th. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, BMO Capital Markets dropped their price target on Progressive from $288.00 to $281.00 and set an "outperform" rating on the stock in a research note on Friday, July 18th. Nine research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $284.53.

Progressive Stock Up 1.5%

Shares of NYSE PGR opened at $250.6930 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The Progressive Corporation has a 52 week low of $228.54 and a 52 week high of $292.99. The stock has a market capitalization of $146.96 billion, a P/E ratio of 14.12, a PEG ratio of 1.46 and a beta of 0.33. The stock's fifty day moving average is $252.37 and its 200 day moving average is $266.40.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company had revenue of $20.08 billion for the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter last year, the business earned $2.48 earnings per share. Progressive's revenue was up 12.1% on a year-over-year basis. Sell-side analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.25%.

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.

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