Key Points
- Insider sale: Steven Broz sold 1,345 shares on Nov. 21 at an average price of $228.29 for $307,050, reducing his holdings to 27,698 shares (a 4.63% decrease); he also sold identical 1,345-share blocks on Nov. 11 and Sept. 19 at $220.00 and $242.10, respectively.
- Progressive missed Q3 estimates, reporting EPS of $4.45 versus the $5.04 consensus and revenue of $21.38 billion versus $21.64 billion expected.
- Analyst sentiment has softened with multiple price-target cuts and downgrades; MarketBeat shows a consensus rating of Hold and a consensus price target of $266.52.
The Progressive Corporation (NYSE:PGR - Get Free Report) insider Steven Broz sold 1,345 shares of Progressive stock in a transaction on Friday, November 21st. The shares were sold at an average price of $228.29, for a total value of $307,050.05. Following the transaction, the insider owned 27,698 shares in the company, valued at $6,323,176.42. This represents a 4.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Steven Broz also recently made the following trade(s):
- On Tuesday, November 11th, Steven Broz sold 1,345 shares of Progressive stock. The stock was sold at an average price of $220.00, for a total value of $295,900.00.
- On Friday, September 19th, Steven Broz sold 1,345 shares of Progressive stock. The shares were sold at an average price of $242.10, for a total value of $325,624.50.
Progressive Price Performance
Shares of PGR opened at $225.34 on Tuesday. The business's 50-day moving average is $228.50 and its 200-day moving average is $247.76. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The company has a market capitalization of $132.14 billion, a price-to-earnings ratio of 12.36, a P/E/G ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a fifty-two week low of $199.90 and a fifty-two week high of $292.99.
Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter in the prior year, the business posted $3.58 earnings per share. Equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on the stock. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a report on Sunday, September 21st. Bank of America lowered their target price on Progressive from $351.00 to $346.00 and set a "buy" rating on the stock in a research note on Wednesday, November 19th. Evercore ISI cut their price target on Progressive from $275.00 to $273.00 and set an "in-line" rating for the company in a research note on Wednesday, October 1st. The Goldman Sachs Group lowered their price target on Progressive from $276.00 to $245.00 and set a "buy" rating for the company in a research note on Monday, October 27th. Finally, Raymond James Financial dropped their price objective on Progressive from $305.00 to $265.00 and set an "outperform" rating on the stock in a report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Progressive presently has a consensus rating of "Hold" and a consensus price target of $266.52.
Read Our Latest Analysis on PGR
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in PGR. New York Life Investment Management LLC grew its stake in shares of Progressive by 1.4% in the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider's stock worth $23,420,000 after acquiring an additional 1,192 shares during the last quarter. Baron Silver Stevens Financial Advisors LLC bought a new stake in Progressive in the 2nd quarter valued at $306,000. Wakefield Asset Management LLLP boosted its holdings in Progressive by 199.0% in the 2nd quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider's stock valued at $2,511,000 after purchasing an additional 6,263 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Progressive in the 2nd quarter worth $13,583,000. Finally, Whalen Wealth Management Inc. bought a new position in shares of Progressive during the 2nd quarter worth about $647,000. Institutional investors and hedge funds own 85.34% of the company's stock.
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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