OVERSEA CHINESE BANKING Corp Ltd Cuts Stock Holdings in The Progressive Corporation (NYSE:PGR)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stake in The Progressive Corporation by 16.6%, now holding 5,499 shares valued at approximately $1.56 million, as disclosed in recent SEC filings.
• Progressive's last quarter earnings report showed a 12.1% increase in revenue year-over-year, with an EPS of $4.88, surpassing estimates of $4.43.
• The company recently announced a dividend of $0.10 per share, representing a 15.0% yield, with insiders having sold over 104,000 shares in the past 90 days.

OVERSEA CHINESE BANKING Corp Ltd lowered its position in The Progressive Corporation (NYSE:PGR - Free Report) by 16.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Highline Wealth Partners LLC raised its stake in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC lifted its stake in shares of Progressive by 210.0% in the 1st 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 during the period. Minot DeBlois Advisors LLC bought a new stake in Progressive in the 4th quarter valued at approximately $28,000. HWG Holdings LP bought a new position in shares of Progressive during the first quarter worth approximately $28,000. Finally, Garde Capital Inc. bought a new position in Progressive in the 1st quarter valued at approximately $33,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In related news, insider Andrew J. Quigg sold 3,191 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $249.24, for a total transaction of $795,324.84. Following the completion of the sale, the insider directly owned 37,977 shares in the company, valued at approximately $9,465,387.48. This trade represents a 7.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 6,232 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 27,844 shares of the company's stock, valued at $6,742,703.04. This represents a 18.29% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,250 shares of company stock worth $26,332,348. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on PGR. Jefferies Financial Group dropped their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. UBS Group dropped their price objective on shares of Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research note on Monday, July 21st. Keefe, Bruyette & Woods reduced their price target on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research report on Thursday, July 17th. Bank of America reduced their target price on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research note on Thursday, July 17th. Finally, Morgan Stanley decreased their price target on Progressive from $290.00 to $280.00 and set an "equal weight" rating on the stock in a research note on Monday, July 14th. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of "Moderate Buy" and a consensus target price of $286.88.

Progressive Price Performance

NYSE:PGR traded down $1.12 during trading hours on Thursday, reaching $246.40. 416,267 shares of the company were exchanged, compared to its average volume of 3,255,750. The Progressive Corporation has a twelve month low of $214.99 and a twelve month high of $292.99. The firm has a market cap of $144.44 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.46 and a beta of 0.33. The stock's 50-day moving average is $258.19 and its 200-day moving average is $266.02. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.21.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The firm had revenue of $20.08 billion for the quarter, compared to analyst estimates of $20.39 billion. During the same quarter in the prior year, the company posted $2.48 earnings per share. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, sell-side analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a dividend, which was paid on Friday, July 11th. Stockholders of record on Friday, July 4th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a dividend yield of 15.0%. Progressive's payout ratio is 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.