The Progressive Corporation $PGR Stock Position Increased by OFI Invest Asset Management

Key Points

• OFI Invest Asset Management increased its position in The Progressive Corporation by 6.7% during Q2, owning 235,858 shares valued at approximately $62.9 million.
• In insider news, CEO Susan Patricia Griffith sold 30,660 shares at an average price of $242.12, resulting in a 5.70% decrease in her ownership.
• Progressive announced a quarterly dividend of $0.10 per share with a yield of 0.2% and a payout ratio of 2.25% as of the latest report.

OFI Invest Asset Management lifted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 6.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 235,858 shares of the insurance provider's stock after buying an additional 14,760 shares during the period. OFI Invest Asset Management's holdings in Progressive were worth $62,941,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Baron Silver Stevens Financial Advisors LLC acquired a new position in shares of Progressive in the 2nd quarter worth $306,000. State of Alaska Department of Revenue lifted its holdings in shares of Progressive by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock valued at $19,426,000 after purchasing an additional 1,800 shares during the last quarter. Trust Co. of Oklahoma purchased a new stake in shares of Progressive during the second quarter valued at $439,000. Belmont Capital LLC purchased a new stake in shares of Progressive during the first quarter valued at $580,000. Finally, Zurich Insurance Group Ltd FI lifted its holdings in shares of Progressive by 87.9% during the first quarter. Zurich Insurance Group Ltd FI now owns 414,183 shares of the insurance provider's stock valued at $117,218,000 after purchasing an additional 193,800 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Insider Activity at Progressive

In other Progressive news, insider Karen Bailo sold 8,922 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $249.24, for a total transaction of $2,223,719.28. Following the transaction, the insider directly owned 32,346 shares in the company, valued at $8,061,917.04. This trade represents a 21.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 30,660 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20. Following the transaction, the chief executive officer owned 506,945 shares in the company, valued at approximately $122,741,523.40. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 130,045 shares of company stock valued at $31,997,390. Insiders own 0.34% of the company's stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $240.18 on Friday. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99. The business has a fifty day simple moving average of $245.20 and a 200 day simple moving average of $259.65. The firm has a market cap of $140.80 billion, a price-to-earnings ratio of 13.53, a P/E/G ratio of 1.34 and a beta of 0.32.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share (EPS) for the quarter, topping 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 business had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. During the same period last year, the company earned $2.48 earnings per share. Progressive's quarterly revenue was up 12.1% compared to the same quarter last year. As a group, sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Thursday, October 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is currently 2.25%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PGR shares. Bank of America upped their target price on Progressive from $343.00 to $350.00 and gave the company a "buy" rating in a report on Monday, September 29th. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Wolfe Research started coverage on Progressive in a report on Monday, September 15th. They set a "peer perform" rating for the company. Wells Fargo & Company raised their target price on Progressive from $265.00 to $266.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Finally, Barclays set a $271.00 target price on Progressive in a research report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $279.63.

Progressive 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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