Oppenheimer Asset Management Inc. bought a new stake in shares of Progressive Corporation (The) (NYSE:PGR) during the first quarter, according to its most recent 13F filing with the SEC. The firm bought 9,079 shares of the insurance provider’s stock, valued at approximately $356,000.

A number of other institutional investors also recently bought and sold shares of PGR. Vanguard Group Inc. boosted its stake in shares of Progressive Corporation (The) by 3.8% in the first quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock worth $1,471,278,000 after buying an additional 1,357,926 shares during the period. BlackRock Inc. boosted its stake in shares of Progressive Corporation (The) by 2,817.6% in the first quarter. BlackRock Inc. now owns 35,897,019 shares of the insurance provider’s stock worth $1,406,446,000 after buying an additional 34,666,678 shares during the period. Artisan Partners Limited Partnership boosted its stake in shares of Progressive Corporation (The) by 1.2% in the first quarter. Artisan Partners Limited Partnership now owns 8,254,185 shares of the insurance provider’s stock worth $323,399,000 after buying an additional 98,952 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Progressive Corporation (The) by 7.2% in the first quarter. JPMorgan Chase & Co. now owns 6,958,993 shares of the insurance provider’s stock worth $272,654,000 after buying an additional 464,526 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Progressive Corporation (The) by 9.9% in the first quarter. Geode Capital Management LLC now owns 5,755,159 shares of the insurance provider’s stock worth $225,172,000 after buying an additional 517,194 shares during the period. Institutional investors own 79.19% of the company’s stock.

Shares of Progressive Corporation (PGR) traded up 0.83% during trading on Thursday, hitting $47.61. 3,017,238 shares of the stock were exchanged. Progressive Corporation has a one year low of $30.54 and a one year high of $47.68. The stock has a market cap of $27.66 billion, a PE ratio of 23.11 and a beta of 0.86. The stock’s 50 day moving average price is $45.22 and its 200 day moving average price is $41.02.

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by $0.01. The company had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. Progressive Corporation (The)’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 EPS. Equities research analysts predict that Progressive Corporation will post $2.42 EPS for the current year.

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A number of equities research analysts recently issued reports on PGR shares. Deutsche Bank AG raised shares of Progressive Corporation (The) from a “sell” rating to a “hold” rating and increased their target price for the stock from $35.00 to $40.00 in a research note on Wednesday, May 17th. Wells Fargo & Company reissued a “hold” rating on shares of Progressive Corporation (The) in a research note on Tuesday, April 18th. BidaskClub raised shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Zacks Investment Research raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Monday, June 19th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $47.00 price objective (up previously from $43.00) on shares of Progressive Corporation (The) in a research note on Saturday, July 22nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Progressive Corporation (The) presently has a consensus rating of “Buy” and an average target price of $44.79.

In other Progressive Corporation (The) news, insider William M. Cody sold 50,000 shares of Progressive Corporation (The) stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the completion of the transaction, the insider now owns 151,051 shares in the company, valued at approximately $6,744,427.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey D. Kelly sold 20,000 shares of Progressive Corporation (The) stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $44.52, for a total value of $890,400.00. Following the transaction, the director now owns 59,963 shares of the company’s stock, valued at approximately $2,669,552.76. The disclosure for this sale can be found here. Insiders have sold a total of 71,100 shares of company stock valued at $3,168,605 in the last quarter. Company insiders own 0.56% of the company’s stock.

Progressive Corporation (The) Company Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

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