The Progressive Co. (NYSE:PGR) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd reduced its position in shares of The Progressive Co. (NYSE:PGR) by 20.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,488 shares of the insurance provider’s stock after selling 1,713 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Progressive were worth $1,646,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PGR. Raleigh Capital Management Inc. grew its holdings in Progressive by 20.9% in the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 41 shares during the period. Castleview Partners LLC grew its stake in Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after acquiring an additional 45 shares during the period. Washington Trust Bank increased its holdings in Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after acquiring an additional 45 shares in the last quarter. Sunbelt Securities Inc. raised its position in Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 46 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. raised its position in Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after acquiring an additional 48 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the sale, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 0.00 % decrease in their position. 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. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the subject of a number of research reports. Bank of America boosted their target price on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Barclays boosted their price objective on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Wells Fargo & Company raised their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Roth Mkm boosted their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research note on Monday, August 12th. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $269.56.

Progressive Trading Up 0.9 %

NYSE:PGR opened at $262.29 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. The stock has a market cap of $153.65 billion, a P/E ratio of 19.06, a P/E/G ratio of 0.72 and a beta of 0.36. The stock has a 50-day simple moving average of $251.57 and a 200-day simple moving average of $228.68.

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

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.