Bridges Investment Management Inc. Sells 7,116 Shares of The Progressive Co. (NYSE:PGR)

by · The Markets Daily

Bridges Investment Management Inc. decreased its stake in shares of The Progressive Co. (NYSE:PGR – Free Report) by 1.6% in the third quarter, Holdings Channel.com reports. The fund owned 424,364 shares of the insurance provider’s stock after selling 7,116 shares during the period. Progressive comprises about 1.5% of Bridges Investment Management Inc.’s holdings, making the stock its 18th biggest position. Bridges Investment Management Inc.’s holdings in Progressive were worth $107,687,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of PGR. Csenge Advisory Group purchased a new position in shares of Progressive in the first quarter valued at $270,000. Envestnet Portfolio Solutions Inc. lifted its position in Progressive by 20.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 31,718 shares of the insurance provider’s stock worth $6,560,000 after buying an additional 5,354 shares during the last quarter. Empowered Funds LLC boosted its stake in Progressive by 7.2% during the first quarter. Empowered Funds LLC now owns 17,110 shares of the insurance provider’s stock worth $3,539,000 after buying an additional 1,153 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Progressive by 3.8% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,374 shares of the insurance provider’s stock valued at $491,000 after acquiring an additional 86 shares during the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in Progressive by 21.3% in the first quarter. Oppenheimer & Co. Inc. now owns 6,638 shares of the insurance provider’s stock worth $1,373,000 after purchasing an additional 1,166 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Activity

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Dyke Kahina Van sold 2,180 shares of the 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 approximately $3,462,038.44. This trade represents 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 accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,843 shares of company stock valued at $18,674,912. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on PGR. TD Cowen boosted 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. Roth Mkm boosted their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Wells Fargo & Company increased their price objective on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Evercore ISI raised their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Morgan Stanley raised their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $269.56.

Check Out Our Latest Stock Analysis on PGR

Progressive Price Performance

Shares of Progressive stock opened at $261.51 on Friday. The business has a 50 day simple moving average of $251.41 and a two-hundred day simple moving average of $228.12. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.31. The stock has a market capitalization of $153.20 billion, a P/E ratio of 19.01, a PEG ratio of 0.72 and a beta of 0.36. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.39.

Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping 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 predict that The Progressive Co. will post 13.14 EPS for the current fiscal year.

Progressive Company Profile

(Free Report)

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.

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