Oppenheimer Asset Management Inc. Sells 372 Shares of The Progressive Co. (NYSE:PGR)

Oppenheimer Asset Management Inc. reduced its position in The Progressive Co. (NYSE:PGR) by 0.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 99,141 shares of the insurance provider’s stock after selling 372 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Progressive were worth $25,158,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Pinnacle Financial Partners Inc lifted its stake in Progressive by 8.4% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 5,474 shares of the insurance provider’s stock valued at $1,389,000 after acquiring an additional 426 shares in the last quarter. Haverford Trust Co increased its position in shares of Progressive by 6.2% during the 3rd quarter. Haverford Trust Co now owns 5,990 shares of the insurance provider’s stock valued at $1,520,000 after purchasing an additional 351 shares during the last quarter. Empower Advisory Group LLC increased its position in shares of Progressive by 65.8% during the 3rd quarter. Empower Advisory Group LLC now owns 2,645 shares of the insurance provider’s stock valued at $671,000 after purchasing an additional 1,050 shares during the last quarter. Aptus Capital Advisors LLC increased its position in shares of Progressive by 12.6% during the 3rd quarter. Aptus Capital Advisors LLC now owns 159,133 shares of the insurance provider’s stock valued at $40,382,000 after purchasing an additional 17,760 shares during the last quarter. Finally, First Heartland Consultants Inc. increased its position in shares of Progressive by 3.6% during the 3rd quarter. First Heartland Consultants Inc. now owns 2,253 shares of the insurance provider’s stock valued at $572,000 after purchasing an additional 79 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

NYSE:PGR traded down $0.14 during mid-day trading on Wednesday, reaching $262.20. The stock had a trading volume of 109,406 shares, compared to its average volume of 2,457,003. The firm has a 50 day moving average price of $251.77 and a two-hundred day moving average price of $229.06. The stock has a market capitalization of $153.60 billion, a P/E ratio of 19.06, a P/E/G ratio of 0.72 and a beta of 0.36. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, analysts expect that The Progressive Co. will post 13.15 earnings per share for the current year.

Insiders Place Their Bets

In other Progressive news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the transaction, the insider now directly owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the transaction, the insider now directly owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock valued at $18,674,912 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Roth Mkm lifted their price objective on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Piper Sandler lifted their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Evercore ISI lifted their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Finally, Wells Fargo & Company lifted their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

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.