The Progressive Co. (NYSE:PGR - Get Free Report) Director Devin C. Johnson sold 1,000 shares of Progressive stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now owns 7,176 shares in the company, valued at $1,494,976.08. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
Progressive Stock Performance
NYSE PGR opened at $214.69 on Friday. The Progressive Co. has a fifty-two week low of $111.41 and a fifty-two week high of $215.18. The stock has a market cap of $125.74 billion, a price-to-earnings ratio of 21.97, a price-to-earnings-growth ratio of 0.83 and a beta of 0.35. The business has a fifty day moving average of $199.92 and a 200-day moving average of $175.10. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32.
Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts' consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The company had revenue of $18.96 billion during the quarter, compared to analysts' expectations of $16.88 billion. During the same period in the previous year, the firm posted $0.65 earnings per share. The business's revenue for the quarter was up 17.7% compared to the same quarter last year. As a group, analysts predict that The Progressive Co. will post 11.22 earnings per share for the current fiscal year.
Progressive Dividend Announcement
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The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were issued a $0.10 dividend. The ex-dividend date was Wednesday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive's dividend payout ratio (DPR) is 4.09%.
Analyst Ratings Changes
Several research analysts have weighed in on the company. UBS Group lifted their target price on Progressive from $216.00 to $218.00 and gave the company a "neutral" rating in a research note on Wednesday. The Goldman Sachs Group lifted their price target on Progressive from $161.00 to $216.00 and gave the company a "neutral" rating in a research note on Monday, March 25th. Citigroup lifted their price target on Progressive from $202.00 to $225.00 and gave the company a "neutral" rating in a research note on Monday, April 15th. Jefferies Financial Group lifted their price target on Progressive from $241.00 to $245.00 and gave the company a "buy" rating in a research note on Monday, April 15th. Finally, JPMorgan Chase & Co. lifted their price target on Progressive from $171.00 to $202.00 and gave the company an "overweight" rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $211.88.
Check Out Our Latest Stock Report on PGR
Hedge Funds Weigh In On Progressive
Institutional investors have recently added to or reduced their stakes in the business. Giverny Capital Inc. increased its stake in Progressive by 2.9% in the third quarter. Giverny Capital Inc. now owns 501,431 shares of the insurance provider's stock valued at $69,849,000 after purchasing an additional 14,022 shares during the last quarter. AIA Group Ltd increased its stake in Progressive by 4.9% in the third quarter. AIA Group Ltd now owns 155,427 shares of the insurance provider's stock valued at $21,651,000 after purchasing an additional 7,268 shares during the last quarter. Invesco LLC increased its stake in Progressive by 2.0% in the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider's stock valued at $563,000 after purchasing an additional 70 shares during the last quarter. Strs Ohio increased its stake in Progressive by 3.1% in the fourth quarter. Strs Ohio now owns 168,187 shares of the insurance provider's stock valued at $26,788,000 after purchasing an additional 4,983 shares during the last quarter. Finally, First Affirmative Financial Network acquired a new position in Progressive in the fourth quarter valued at $295,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.
About Progressive
(
Get Free Report)
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.
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