Progressive (NYSE:PGR) Stock: Insider Steven Broz Sells 1,225 Shares

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,225 shares of Progressive stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $204.29, for a total transaction of $250,255.25. Following the sale, the insider owned 30,032 shares in the company, valued at $6,135,237.28. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, August 20th, Steven Broz sold 1,225 shares of Progressive stock. The shares were sold at an average price of $219.40, for a total transaction of $268,765.00.

Progressive Stock Performance

Shares of PGR stock opened at $210.60 on Wednesday. The stock’s 50-day moving average is $214.33 and its two-hundred day moving average is $208.45. The firm has a market cap of $122.44 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 2.68 and a beta of 0.27. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $248.17. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The business had revenue of $23.61 billion for the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business’s revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.40 earnings per share. Analysts predict that The Progressive Corporation will post 17.9 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is 2.01%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PGR. Bogart Wealth LLC increased its position in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the period. IMG Wealth Management Inc. acquired a new stake in shares of Progressive in the 2nd quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new stake in shares of Progressive in the 2nd quarter valued at approximately $26,000. Bard Associates Inc. purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $27,000. Finally, Kilter Group LLC purchased a new stake in shares of Progressive in the second quarter valued at approximately $27,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PGR shares. JPMorgan Chase & Co. lowered their target price on shares of Progressive from $250.00 to $241.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Jefferies Financial Group reiterated a “hold” rating and issued a $228.00 price target on shares of Progressive in a research report on Wednesday, August 19th. William Blair reissued a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $230.00 target price on shares of Progressive in a report on Wednesday, August 19th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a research note on Monday, September 21st. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus price target of $234.89.

About Progressive

Progressive Corporation is an insurance holding company that provides personal and commercial insurance products in the United States. Its primary business is automobile insurance, serving consumers through direct channels, independent agents and other distribution partners.

The company offers coverage for personal vehicles, motorcycles, recreational vehicles, boats and other specialty vehicles. Its personal insurance portfolio also includes homeowners, renters, condominium and other property coverage, while its commercial business provides insurance for commercial vehicles and related risks.