The Progressive Co. (NYSE:PGR) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. reduced its position in The Progressive Co. (NYSE:PGR - Free Report) by 24.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,052 shares of the insurance provider's stock after selling 2,566 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Progressive were worth $2,043,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board raised its stake in Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider's stock worth $167,866,000 after acquiring an additional 686,433 shares during the period. Capital International Investors grew its holdings in shares of Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider's stock valued at $1,018,592,000 after buying an additional 670,006 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider's stock valued at $151,325,000 after acquiring an additional 594,330 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider's stock worth $222,207,000 after purchasing an additional 590,235 shares in the last quarter. Finally, Swedbank AB acquired a new position in Progressive during the first quarter worth $116,852,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Down 0.7 %

PGR stock traded down $1.72 during midday trading on Friday, reaching $255.78. The company's stock had a trading volume of 3,259,995 shares, compared to its average volume of 2,071,289. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. The firm has a market capitalization of $149.84 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 0.71 and a beta of 0.36. The stock has a fifty day simple moving average of $252.22 and a two-hundred day simple moving average of $229.98. 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 - Get Free Report) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities research analysts predict that The Progressive Co. will post 13.09 EPS for the current year.

Insider Activity at Progressive

In other news, insider Steven Broz sold 6,122 shares of the business's stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the sale, the insider now directly owns 32,316 shares of the company's stock, valued at approximately $7,600,400.04. The trade was a 15.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the company's stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,331 shares of company stock worth $16,415,812 in the last 90 days. Corporate insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the subject of several research reports. JPMorgan Chase & Co. increased their price objective on Progressive from $242.00 to $251.00 and gave the company an "overweight" rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $280.00 to $290.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Jefferies Financial Group lifted their price objective on Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. TD Cowen raised their price target on Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research note on Friday, November 8th. Finally, Evercore ISI boosted their price target on Progressive from $277.00 to $285.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $269.56.

Progressive 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.