Jonathan Bauer Sells 2,242 Shares of Progressive (NYSE:PGR) Stock

The Progressive Corporation (NYSE:PGR) CIO Jonathan Bauer sold 2,242 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $476,895.82. Following the transaction, the executive directly owned 26,250 shares in the company, valued at $5,583,637.50. This trade represents a 7.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Trading Up 0.5%

Shares of Progressive stock opened at $220.52 on Thursday. The stock has a market cap of $128.86 billion, a P/E ratio of 11.06, a P/E/G ratio of 2.96 and a beta of 0.26. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. The business’s 50 day moving average is $210.81 and its 200-day moving average is $206.02.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were given 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 was Thursday, July 2nd. Progressive’s dividend payout ratio is 2.01%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PGR. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Wells Fargo & Company cut their target price on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research note on Thursday, July 16th. Weiss Ratings cut Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. HSBC boosted their price target on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Finally, Evercore set a $240.00 price objective on Progressive in a research report on Friday, July 10th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $236.11.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bogart Wealth LLC lifted its position in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 87 shares during the last quarter. Bard Associates Inc. acquired a new position in shares of Progressive in the fourth quarter valued at approximately $27,000. HHM Wealth Advisors LLC increased its stake in shares of Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the period. IFC & Insurance Marketing Inc. acquired a new stake in Progressive during the 4th quarter worth approximately $29,000. Finally, Axiom Investment Management LLC acquired a new stake in Progressive during the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Key Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: The scheduled nature of the transactions reduces the likelihood that the sales signal a current deterioration in Progressive’s business outlook. Despite the sales, executives continue to hold substantial positions in the company.
• Positive Sentiment: Analyst sentiment remains broadly supportive. Progressive has an average rating of “Hold” and a consensus price target of $236.11, above its recent trading level. UBS raised its target to $230, while Morgan Stanley upgraded the stock to “Equal Weight.”
• Neutral Sentiment: Progressive recently paid a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a roughly 0.2% yield. The dividend provides limited income support because of its small size.
• Neutral Sentiment: Institutional investors own approximately 85.34% of Progressive, and several smaller investment firms modestly increased their holdings. This indicates continued institutional participation but is not a major new catalyst.
• Negative Sentiment: Progressive insiders reported significant selling. CEO Susan Patricia Griffith sold 37,338 shares for about $7.94 million; Karen Bailo sold 8,452 shares; CIO Jonathan Bauer sold 2,242 shares; John Jo Murphy sold 8,124 shares; and CFO Andrew J. Quigg sold 3,499 shares for about $770,000. The sales reduce individual holdings by approximately 6.7% to 20.7% and could create a cautious near-term signal, even though they were planned in advance. Progressive CFO insider-sale filing

Progressive Company Profile

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.