OneAscent Wealth Management LLC Invests $435,000 in The Progressive Co. (NYSE:PGR)

OneAscent Wealth Management LLC acquired a new position in The Progressive Co. (NYSE:PGR) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,713 shares of the insurance provider’s stock, valued at approximately $435,000.

A number of other large investors also recently modified their holdings of the company. Capital International Investors raised its holdings in shares of Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after purchasing an additional 670,006 shares during the period. Legal & General Group Plc grew its stake in shares of Progressive by 1.9% in the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after buying an additional 92,212 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Progressive by 3.0% in the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock valued at $497,003,000 after buying an additional 69,709 shares in the last quarter. Swiss National Bank grew its stake in shares of Progressive by 0.3% in the third quarter. Swiss National Bank now owns 1,738,400 shares of the insurance provider’s stock valued at $441,136,000 after buying an additional 4,400 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its stake in shares of Progressive by 13.5% in the first quarter. 1832 Asset Management L.P. now owns 1,685,868 shares of the insurance provider’s stock valued at $348,671,000 after buying an additional 200,118 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on 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 transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock valued at $14,975,979 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PGR shares. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a research note on Monday, August 12th. Morgan Stanley raised their price objective on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Wells Fargo & Company raised their price objective on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. StockNews.com lowered Progressive from a “buy” rating to a “hold” rating in a research note on Monday, November 11th. Finally, Jefferies Financial Group raised their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Six research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

Progressive Stock Performance

NYSE:PGR traded down $0.11 during trading hours on Monday, reaching $255.67. 162,703 shares of the stock were exchanged, compared to its average volume of 2,453,487. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a 50 day simple moving average of $252.22 and a 200-day simple moving average of $230.10. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $263.85. The stock has a market capitalization of $149.77 billion, a P/E ratio of 18.59, a P/E/G ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, sell-side analysts forecast that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

About Progressive

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.