The Progressive Co. (NYSE:PGR) Insider Steven Broz Sells 2,311 Shares

The Progressive Co. (NYSE:PGR) insider Steven Broz sold 2,311 shares of the company’s stock in a transaction on Tuesday, September 21st. The shares were sold at an average price of $92.39, for a total transaction of $213,513.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

NYSE:PGR opened at $91.56 on Friday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.30. The Progressive Co. has a fifty-two week low of $84.89 and a fifty-two week high of $107.58. The stock has a market cap of $53.58 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 3.51 and a beta of 0.46. The firm’s fifty day simple moving average is $95.08 and its 200-day simple moving average is $96.78.

The Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, August 3rd. The insurance provider reported $0.72 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.08 by ($0.36). The Progressive had a return on equity of 23.52% and a net margin of 12.00%. Equities analysts anticipate that The Progressive Co. will post 4.42 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, October 7th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, October 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.44%. The Progressive’s dividend payout ratio (DPR) is presently 5.35%.

Several large investors have recently bought and sold shares of PGR. Massachusetts Financial Services Co. MA grew its stake in shares of The Progressive by 49,353.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 8,322,488 shares of the insurance provider’s stock worth $795,714,000 after purchasing an additional 8,305,659 shares during the period. JPMorgan Chase & Co. boosted its position in shares of The Progressive by 23.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 21,475,941 shares of the insurance provider’s stock worth $2,109,151,000 after buying an additional 4,109,230 shares in the last quarter. Amundi purchased a new stake in shares of The Progressive in the 2nd quarter worth about $260,938,000. Bank of America Corp DE boosted its position in shares of The Progressive by 32.9% in the 2nd quarter. Bank of America Corp DE now owns 7,045,924 shares of the insurance provider’s stock worth $691,980,000 after buying an additional 1,743,191 shares in the last quarter. Finally, BlackRock Inc. boosted its position in shares of The Progressive by 3.1% in the 1st quarter. BlackRock Inc. now owns 45,573,372 shares of the insurance provider’s stock worth $4,357,270,000 after buying an additional 1,384,005 shares in the last quarter. 82.14% of the stock is currently owned by institutional investors and hedge funds.

Several analysts recently commented on PGR shares. Raymond James reduced their price target on shares of The Progressive from $115.00 to $105.00 and set an “outperform” rating for the company in a research report on Friday, July 16th. Wells Fargo & Company reiterated a “sell” rating on shares of The Progressive in a research report on Thursday, June 17th. Evercore ISI reduced their price target on shares of The Progressive from $93.00 to $90.00 and set an “in-line” rating for the company in a research report on Tuesday, August 17th. Wolfe Research started coverage on shares of The Progressive in a research report on Monday, August 16th. They issued an “underperform” rating and a $85.00 price target for the company. Finally, reduced their price target on shares of The Progressive from $97.00 to $95.00 and set a “neutral” rating for the company in a research report on Monday, June 21st. Six analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $95.21.

The Progressive Company Profile

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

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