John P. Sauerland Sells 12,000 Shares of Progressive Corp (NYSE:PGR) Stock

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Progressive Corp (NYSE:PGR) CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Friday, August 16th. The shares were sold at an average price of $77.58, for a total transaction of $930,960.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Shares of NYSE PGR opened at $77.30 on Thursday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market cap of $45.30 billion, a P/E ratio of 17.49, a P/E/G ratio of 1.97 and a beta of 0.66. The firm’s fifty day moving average is $80.81 and its two-hundred day moving average is $76.60. Progressive Corp has a 52-week low of $56.71 and a 52-week high of $84.96.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.23. The company had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.13 billion. Progressive had a net margin of 9.19% and a return on equity of 28.12%. Progressive’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.19 EPS. As a group, analysts forecast that Progressive Corp will post 5.4 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be issued a $0.10 dividend. The ex-dividend date is Friday, October 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.52%. Progressive’s dividend payout ratio is currently 9.05%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Transamerica Financial Advisors Inc. bought a new stake in shares of Progressive in the 2nd quarter worth about $191,000. Vestmark Advisory Solutions Inc. increased its holdings in shares of Progressive by 42.2% in the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 6,532 shares of the insurance provider’s stock worth $522,000 after buying an additional 1,938 shares during the last quarter. Griffin Asset Management Inc. bought a new stake in shares of Progressive in the 2nd quarter worth about $108,000. Prudential PLC increased its holdings in shares of Progressive by 104.1% in the 2nd quarter. Prudential PLC now owns 6,793 shares of the insurance provider’s stock worth $543,000 after buying an additional 3,464 shares during the last quarter. Finally, UBS Group AG increased its holdings in shares of Progressive by 9.3% in the 2nd quarter. UBS Group AG now owns 1,220,125 shares of the insurance provider’s stock worth $97,525,000 after buying an additional 103,662 shares during the last quarter. Institutional investors own 78.56% of the company’s stock.

A number of research analysts recently weighed in on the stock. Buckingham Research set a $64.00 target price on shares of Progressive and gave the company a “hold” rating in a research note on Monday, May 13th. Zacks Investment Research cut shares of Progressive from a “buy” rating to a “hold” rating and set a $84.00 target price on the stock. in a research note on Monday, May 27th. ValuEngine cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Raymond James lifted their target price on shares of Progressive from $90.00 to $93.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. Finally, UBS Group lifted their target price on shares of Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Progressive presently has an average rating of “Buy” and an average target price of $82.92.

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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