Oarsman Capital Inc. Sells 103 Shares of The Progressive Co. (NYSE:PGR)

Oarsman Capital Inc. reduced its position in The Progressive Co. (NYSE:PGR) by 5.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,826 shares of the insurance provider’s stock after selling 103 shares during the quarter. Oarsman Capital Inc.’s holdings in Progressive were worth $438,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of PGR. Kesler Norman & Wride LLC grew its holdings in Progressive by 1.1% during the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock worth $885,000 after acquiring an additional 40 shares during the period. Atlantic Edge Private Wealth Management LLC grew its stake in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the period. LRI Investments LLC increased its holdings in Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after purchasing an additional 42 shares in the last quarter. Washington Trust Bank boosted its holdings in shares of Progressive by 4.1% during the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock worth $255,000 after buying an additional 42 shares in the last quarter. Finally, SYM FINANCIAL Corp boosted its holdings in shares of Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock worth $384,000 after buying an additional 44 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PGR. Bank of America downgraded shares of Progressive from a “buy” rating to a “neutral” rating and dropped their target price for the company from $300.00 to $287.00 in a research report on Friday. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Roth Mkm boosted their target price on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a report on Thursday, December 26th. Finally, Wells Fargo & Company boosted their price objective on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $280.29.

Progressive Price Performance

Shares of NYSE PGR opened at $257.27 on Friday. The stock’s 50 day moving average price is $269.14 and its 200-day moving average price is $256.74. The company has a market capitalization of $150.82 billion, a PE ratio of 17.87, a PEG ratio of 1.70 and a beta of 0.38. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts anticipate that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s dividend payout ratio is currently 2.78%.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares of the company’s stock, valued at approximately $180,891.35. This trade represents a 35.47 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrew J. Quigg sold 962 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $234,044.98. Following the sale, the insider now directly owns 34,787 shares in the company, valued at approximately $8,463,329.23. This trade represents a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 56,317 shares of company stock worth $14,844,282 in the last quarter. Insiders own 0.33% of the company’s stock.

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.