Key Points
- Progressive CIO Jonathan Bauer sold 2,266 shares on Feb. 23 at an average price of $203.05 for a total of $460,111.30, reducing his stake by 7.95% to 26,250 shares; the transaction was disclosed in an SEC filing.
- Progressive shares trade around $205.85 with a market cap of about $120.7 billion, a P/E of 10.7, and a 52‑week range of $197.92–$292.99.
- Analysts hold a consensus "Hold" rating with a $244.71 target after several firms cut price targets; the breakdown is 6 Buy, 12 Hold, and 2 Sell.
The Progressive Corporation (NYSE:PGR - Get Free Report) CIO Jonathan Bauer sold 2,266 shares of the firm's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the transaction, the executive owned 26,250 shares in the company, valued at approximately $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Progressive Price Performance
Shares of NYSE:PGR opened at $205.85 on Wednesday. The company has a market cap of $120.71 billion, a PE ratio of 10.70, a P/E/G ratio of 8.88 and a beta of 0.32. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99. The firm has a 50-day simple moving average of $211.50 and a 200 day simple moving average of $225.87. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23.
Progressive Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive's dividend payout ratio is presently 2.08%.
Institutional Trading of Progressive
A number of institutional investors have recently made changes to their positions in the stock. Bell Investment Advisors Inc raised its holdings in Progressive by 20.8% during the second quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider's stock worth $68,000 after purchasing an additional 44 shares in the last quarter. Maia Wealth LLC increased its position in shares of Progressive by 5.4% during the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider's stock valued at $229,000 after purchasing an additional 44 shares during the period. Trail Ridge Investment Advisors LLC raised its stake in shares of Progressive by 1.6% in the 2nd quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider's stock worth $775,000 after buying an additional 45 shares in the last quarter. Selective Wealth Management Inc. lifted its holdings in shares of Progressive by 2.1% in the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider's stock valued at $538,000 after buying an additional 45 shares during the period. Finally, Parkside Financial Bank & Trust lifted its holdings in shares of Progressive by 0.9% in the second quarter. Parkside Financial Bank & Trust now owns 5,130 shares of the insurance provider's stock valued at $1,369,000 after buying an additional 46 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
PGR has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on Progressive from $303.00 to $275.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 7th. Zacks Research cut shares of Progressive from a "hold" rating to a "strong sell" rating in a report on Monday, January 26th. Citigroup reduced their target price on shares of Progressive from $300.60 to $261.00 and set a "buy" rating for the company in a research note on Tuesday, February 3rd. UBS Group dropped their price target on shares of Progressive from $226.00 to $218.00 and set a "neutral" rating on the stock in a research note on Monday. Finally, Roth Mkm set a $235.00 price objective on Progressive in a research report on Thursday, February 19th. Six research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $244.71.
Read Our Latest Stock Report on PGR
About Progressive
(
Get Free Report)
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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