OVERSEA CHINESE BANKING Corp Ltd Purchases 103 Shares of The Progressive Co. (NYSE:PGR)

OVERSEA CHINESE BANKING Corp Ltd increased its position in The Progressive Co. (NYSE:PGR) by 1.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 6,591 shares of the insurance provider’s stock after acquiring an additional 103 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Progressive were worth $1,579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. State Street Corp grew its holdings in shares of Progressive by 1.3% in the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after acquiring an additional 315,411 shares during the period. Geode Capital Management LLC grew its holdings in Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after purchasing an additional 1,682,213 shares during the period. FMR LLC grew its holdings in Progressive by 1.6% during the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after purchasing an additional 170,618 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Progressive by 7.0% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after purchasing an additional 330,667 shares during the period. Finally, Jennison Associates LLC grew its holdings in Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on PGR. Barclays boosted their price target on Progressive from $264.00 to $285.00 and gave the company an “equal weight” rating in a report on Thursday, March 13th. BMO Capital Markets cut their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Morgan Stanley boosted their price target on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Keefe, Bruyette & Woods dropped their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Finally, Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Progressive has an average rating of “Moderate Buy” and a consensus price target of $281.76.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 1,542 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $435,861.72. Following the sale, the chief financial officer now directly owns 268,024 shares in the company, valued at $75,759,663.84. This represents a 0.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,495 shares of company stock worth $16,668,034 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

NYSE:PGR opened at $273.19 on Thursday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $160.14 billion, a P/E ratio of 18.97, a P/E/G ratio of 1.70 and a beta of 0.35. The Progressive Co. has a 12 month low of $201.34 and a 12 month high of $292.99. The business’s 50-day moving average is $260.59 and its 200 day moving average is $254.70.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, equities research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

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.