Oppenheimer & Co. Inc. Decreases Stock Position in The Progressive Corporation (NYSE:PGR)

Oppenheimer & Co. Inc. lowered its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 30.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,337 shares of the insurance provider's stock after selling 4,616 shares during the period. Oppenheimer & Co. Inc.'s holdings in Progressive were worth $2,925,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its position in Progressive by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after buying an additional 1,800 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its stake in shares of Progressive by 498.5% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock valued at $1,431,000 after acquiring an additional 4,212 shares during the last quarter. Hennessy Advisors Inc. acquired a new position in shares of Progressive during the first quarter worth $3,141,000. QRG Capital Management Inc. lifted its holdings in shares of Progressive by 36.4% during the first quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after purchasing an additional 33,864 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in shares of Progressive by 16.5% in the first quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock worth $26,451,000 after purchasing an additional 13,231 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Up 0.9%

PGR stock traded up $2.23 during trading on Friday, reaching $263.85. 12,464,473 shares of the stock were exchanged, compared to its average volume of 2,759,316. The firm's 50 day moving average is $274.49 and its 200 day moving average is $264.65. The firm has a market cap of $154.68 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 1.60 and a beta of 0.40. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a twelve month low of $207.48 and a twelve month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. As a group, research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Buying and Selling at Progressive

In other news, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the transaction, the director now owns 12,217 shares in the company, valued at $3,181,673.31. The trade was a 23.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of Progressive stock in a transaction on 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 sale, the insider now owns 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 disclosure for this sale can be found here. In the last quarter, insiders sold 32,705 shares of company stock worth $8,813,048. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the company. 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. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Barclays upped their target price on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a report on Friday, April 11th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an "overweight" rating in a report on Monday, May 19th. Finally, UBS Group upped their price objective on shares of Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $288.88.

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.