Progressive Corp (NYSE:PGR) Short Interest Up 15.3% in May

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Progressive Corp (NYSE:PGR) was the recipient of a significant growth in short interest in May. As of May 31st, there was short interest totalling 5,913,900 shares, a growth of 15.3% from the April 30th total of 5,128,600 shares. Approximately 1.0% of the company’s stock are sold short. Based on an average daily volume of 2,900,000 shares, the days-to-cover ratio is presently 2.0 days.

In related news, CMO M Jeffrey Charney sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $76.59, for a total value of $765,900.00. Following the completion of the transaction, the chief marketing officer now directly owns 127,304 shares of the company’s stock, valued at $9,750,213.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $81.49, for a total value of $244,470.00. Following the completion of the transaction, the insider now directly owns 15,701 shares of the company’s stock, valued at $1,279,474.49. The disclosure for this sale can be found here. Insiders sold 146,350 shares of company stock valued at $11,313,287 over the last ninety days. 0.39% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Creative Planning raised its position in Progressive by 0.8% in the first quarter. Creative Planning now owns 16,896 shares of the insurance provider’s stock worth $1,218,000 after acquiring an additional 137 shares in the last quarter. JLB & Associates Inc. raised its position in Progressive by 2.0% in the first quarter. JLB & Associates Inc. now owns 6,970 shares of the insurance provider’s stock worth $502,000 after acquiring an additional 140 shares in the last quarter. Rehmann Capital Advisory Group raised its position in Progressive by 20.2% in the fourth quarter. Rehmann Capital Advisory Group now owns 868 shares of the insurance provider’s stock worth $52,000 after acquiring an additional 146 shares in the last quarter. Prime Capital Investment Advisors LLC raised its position in Progressive by 10.7% in the first quarter. Prime Capital Investment Advisors LLC now owns 1,521 shares of the insurance provider’s stock worth $110,000 after acquiring an additional 147 shares in the last quarter. Finally, Global Retirement Partners LLC raised its position in Progressive by 23.9% in the first quarter. Global Retirement Partners LLC now owns 841 shares of the insurance provider’s stock worth $61,000 after acquiring an additional 162 shares in the last quarter. Institutional investors and hedge funds own 79.02% of the company’s stock.

Shares of PGR stock traded up $0.41 during trading hours on Wednesday, hitting $81.74. The stock had a trading volume of 1,636,448 shares, compared to its average volume of 3,054,427. The company has a market capitalization of $47.57 billion, a P/E ratio of 18.49, a PEG ratio of 2.12 and a beta of 0.74. Progressive has a twelve month low of $56.71 and a twelve month high of $84.30. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.45. Progressive had a return on equity of 27.10% and a net margin of 8.77%. The business had revenue of $9.24 billion during the quarter, compared to the consensus estimate of $9.20 billion. During the same period in the prior year, the company earned $1.22 earnings per share. The company’s revenue was up 16.0% compared to the same quarter last year. Research analysts predict that Progressive will post 5.23 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, July 5th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.49%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 9.05%.

PGR has been the subject of a number of research analyst reports. Zacks Investment Research raised Progressive from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a report on Monday, April 22nd. UBS Group upped their price target on Progressive from $85.00 to $88.00 and gave the company a “buy” rating in a report on Friday, May 17th. B. Riley increased their price objective on Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a report on Thursday, June 13th. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a report on Thursday, June 6th. Finally, Wells Fargo & Co reissued a “hold” rating and issued a $73.00 price objective on shares of Progressive in a report on Thursday, February 28th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $81.00.

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Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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