OVERSEA CHINESE BANKING Corp Ltd Increases Holdings in The Progressive Co. (NYSE:PGR)

OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of The Progressive Co. (NYSE:PGR) by 1.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,591 shares of the insurance provider’s stock after buying an additional 103 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Progressive were worth $1,579,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in Progressive during the 4th quarter worth approximately $408,416,000. Geode Capital Management LLC grew its position in Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after acquiring an additional 1,682,213 shares during the last quarter. Jennison Associates LLC grew its position in Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after acquiring an additional 842,109 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in Progressive by 75.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after acquiring an additional 641,943 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its position in Progressive by 36,819.8% during the 4th quarter. Proficio Capital Partners LLC now owns 568,195 shares of the insurance provider’s stock worth $136,145,000 after acquiring an additional 566,656 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 1,542 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $435,861.72. Following the completion of the transaction, the chief financial officer now owns 268,024 shares of the company’s stock, valued at $75,759,663.84. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,495 shares of company stock worth $16,668,034. 0.34% of the stock is owned by insiders.

Progressive Stock Down 3.6 %

Shares of NYSE:PGR opened at $273.19 on Thursday. The stock has a fifty day simple moving average of $260.59 and a two-hundred day simple moving average of $254.70. The stock has a market capitalization of $160.14 billion, a price-to-earnings ratio of 18.97, a PEG 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 company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last announced 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, research analysts anticipate 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 paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s payout ratio is 2.78%.

Analyst Ratings Changes

Several equities analysts recently issued reports on PGR shares. Bank of America reduced their price target on Progressive from $333.00 to $318.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research report on Tuesday, December 10th. Wells Fargo & Company lifted their price objective on Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. UBS Group lifted their price objective on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 14th. Finally, BMO Capital Markets cut their price objective on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $281.76.

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.