Progressive (NYSE:PGR) Insider Sells $236,907.32 in Stock

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,157 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total transaction of $236,907.32. Following the completion of the transaction, the insider owned 27,511 shares of the company’s stock, valued at $5,633,152.36. This trade represents a 4.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Steven Broz also recently made the following trade(s):

• On Friday, June 5th, Steven Broz sold 1,157 shares of Progressive stock. The shares were sold at an average price of $200.00, for a total value of $231,400.00.

Progressive Stock Down 2.2%

NYSE PGR opened at $215.69 on Friday. The stock has a fifty day moving average of $201.40 and a 200-day moving average of $206.76. The stock has a market capitalization of $126.04 billion, a P/E ratio of 10.97, a price-to-earnings-growth ratio of 6.69 and a beta of 0.28. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $267.92. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter in the previous year, the company posted $4.37 earnings per share. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities research analysts forecast that The Progressive Corporation will post 17.08 EPS for the current year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is currently 2.03%.

Institutional Trading of Progressive

A number of institutional investors and hedge funds have recently modified their holdings of PGR. Brighton Jones LLC grew its holdings in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new stake in Progressive in the fourth quarter worth $269,000. Bison Wealth LLC boosted its position in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares in the last quarter. HUB Investment Partners LLC boosted its position in shares of Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its holdings in shares of Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after buying an additional 1,622 shares during the period. 85.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on PGR shares. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research note on Friday, May 22nd. Jefferies Financial Group cut their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Bank of America reduced their price objective on shares of Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a research note on Thursday, June 18th. Argus raised shares of Progressive to a “hold” rating in a report on Thursday, March 5th. Finally, Barclays set a $247.00 target price on shares of Progressive in a research report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $237.58.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.