OneDigital Investment Advisors LLC Cuts Stock Position in The Progressive Co. (NYSE:PGR)

OneDigital Investment Advisors LLC lessened its holdings in The Progressive Co. (NYSE:PGR) by 16.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,736 shares of the insurance provider’s stock after selling 3,380 shares during the period. OneDigital Investment Advisors LLC’s holdings in Progressive were worth $4,247,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PGR. Davis Capital Management purchased a new position in shares of Progressive in the 3rd quarter valued at $25,000. WR Wealth Planners LLC raised its stake in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares during the period. Hilltop National Bank raised its stake in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. DiNuzzo Private Wealth Inc. raised its stake in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares during the period. Finally, LRI Investments LLC purchased a new position in shares of Progressive in the 1st quarter valued at $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. TD Cowen raised their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Piper Sandler raised their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a report on Monday, August 12th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $269.56.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 8.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 65,331 shares of company stock valued at $16,415,812. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.7 %

NYSE PGR opened at $255.78 on Friday. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The company has a 50-day simple moving average of $252.08 and a 200-day simple moving average of $229.48. 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 firm has a market capitalization of $149.84 billion, a PE ratio of 18.86, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. On average, equities analysts forecast that The Progressive Co. will post 13.11 earnings per share for the current 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.