Overbrook Management Corp Decreases Position in The Progressive Corporation $PGR

Overbrook Management Corp decreased its position in The Progressive Corporation (NYSE:PGR) by 42.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 41,214 shares of the insurance provider’s stock after selling 29,993 shares during the period. Progressive comprises approximately 1.8% of Overbrook Management Corp’s portfolio, making the stock its 19th biggest holding. Overbrook Management Corp’s holdings in Progressive were worth $10,178,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in Progressive in the 2nd quarter valued at about $33,000. Ransom Advisory Ltd purchased a new position in shares of Progressive during the 1st quarter worth approximately $35,000. Howard Hughes Medical Institute acquired a new position in shares of Progressive during the 2nd quarter worth approximately $34,000. Activest Wealth Management lifted its stake in Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after buying an additional 127 shares in the last quarter. Finally, Westside Investment Management Inc. grew its holdings in Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction on Friday, November 21st. The shares were sold at an average price of $228.29, for a total transaction of $307,050.05. Following the transaction, the insider owned 27,698 shares in the company, valued at $6,323,176.42. The trade was a 4.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 17,673 shares of company stock valued at $4,163,005. Insiders own 0.33% of the company’s stock.

Progressive Price Performance

PGR opened at $236.20 on Tuesday. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The company’s 50 day simple moving average is $223.98 and its 200 day simple moving average is $242.19. The stock has a market capitalization of $138.51 billion, a PE ratio of 12.96, a P/E/G ratio of 1.05 and a beta of 0.36. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The company had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same quarter last year, the business earned $3.58 EPS. As a group, sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Friday, January 2nd. Progressive’s payout ratio is 2.19%.

Analyst Ratings Changes

A number of research firms have recently weighed in on PGR. Mizuho set a $242.00 price target on Progressive in a report on Monday. Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. HSBC set a $259.00 target price on shares of Progressive and gave the company an “underperform” rating in a research note on Monday, November 17th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Finally, Citigroup reduced their price objective on shares of Progressive from $301.38 to $300.60 and set a “buy” rating on the stock in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $264.92.

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.