OVERSEA CHINESE BANKING Corp Ltd Sells 1,092 Shares of The Progressive Corporation (NYSE:PGR)

OVERSEA CHINESE BANKING Corp Ltd decreased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 16.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,499 shares of the insurance provider's stock after selling 1,092 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Progressive were worth $1,556,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of PGR. Highline Wealth Partners LLC boosted its stake in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC boosted its stake in shares of Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive during the fourth quarter valued at about $28,000. HWG Holdings LP acquired a new stake in shares of Progressive during the first quarter valued at about $28,000. Finally, Garde Capital Inc. acquired a new stake in shares of Progressive during the first quarter valued at about $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Trading Up 0.3%

PGR stock traded up $0.74 during trading on Thursday, hitting $247.20. 4,470,064 shares of the company traded hands, compared to its average volume of 2,847,233. The firm has a market capitalization of $144.91 billion, a PE ratio of 16.67, a P/E/G ratio of 1.51 and a beta of 0.37. The Progressive Corporation has a 1 year low of $208.13 and a 1 year high of $292.99. The company has a 50-day moving average of $269.17 and a 200-day moving average of $265.63. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The business had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same quarter last year, the business posted $2.48 EPS. The business's revenue was up 12.1% on a year-over-year basis. Analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 0.15%. Progressive's dividend payout ratio (DPR) is presently 2.70%.

Insider Activity at Progressive

In other news, insider John Jo Murphy sold 4,000 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $1,041,520.00. Following the transaction, the insider directly owned 41,289 shares in the company, valued at $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 1,267 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $329,901.46. Following the completion of the transaction, the insider owned 27,621 shares in the company, valued at $7,191,955.98. The trade was a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock valued at $11,450,948 in the last ninety days. Corporate insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PGR. Jefferies Financial Group lowered their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. BMO Capital Markets raised their price objective on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research report on Thursday, April 17th. Wall Street Zen upgraded Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. JPMorgan Chase & Co. lifted their target price on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Finally, Bank of America lowered their target price on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday. Nine investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $284.35.

About Progressive

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.