Oakworth Capital Inc. Decreases Stock Position in The Progressive Co. (NYSE:PGR)

Oakworth Capital Inc. decreased its position in The Progressive Co. (NYSE:PGR) by 18.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 526 shares of the insurance provider’s stock after selling 117 shares during the quarter. Oakworth Capital Inc.’s holdings in Progressive were worth $133,000 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. Davis Capital Management acquired a new position in Progressive in the 3rd quarter valued at about $25,000. WR Wealth Planners LLC raised its stake in 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 purchasing an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. raised its stake in 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 purchasing an additional 73 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new position in Progressive in the 1st quarter valued at about $32,000. Finally, Hilltop National Bank raised its stake in 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 purchasing an additional 92 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PGR shares. BMO Capital Markets cut their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Piper Sandler upped their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. HSBC raised shares of 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. Morgan Stanley upped their price objective on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Finally, Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Seven 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $268.81.

Progressive Stock Down 1.0 %

NYSE PGR opened at $248.25 on Wednesday. The stock has a market cap of $145.39 billion, a PE ratio of 18.04, a P/E/G ratio of 0.69 and a beta of 0.35. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $260.46. The business has a 50 day moving average price of $249.88 and a two-hundred day moving average price of $224.79. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s dividend payout ratio is presently 2.91%.

Insiders Place Their Bets

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the company’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 completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Steven Broz sold 6,122 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the transaction, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were 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 of the company’s stock, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,862 shares of company stock worth $17,926,234 in the last 90 days. 0.34% of the stock is owned by company insiders.

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.