The Progressive Corporation (NYSE:PGR - Get Free Report) CAO Carl Joyce sold 141 shares of the firm's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $29,892.00. Following the completion of the sale, the chief accounting officer owned 828 shares of the company's stock, valued at approximately $175,536. The trade was a 14.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Progressive Stock Performance
NYSE PGR opened at $206.70 on Tuesday. The stock has a market capitalization of $121.10 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 9.19 and a beta of 0.33. The business's 50 day moving average is $208.55 and its two-hundred day moving average is $223.48. The Progressive Corporation has a 12-month low of $197.92 and a 12-month high of $292.99. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23.
Progressive Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive's dividend payout ratio is currently 2.08%.
Analysts Set New Price Targets
PGR has been the subject of a number of recent analyst reports. Argus raised Progressive to a "hold" rating in a report on Thursday, March 5th. Morgan Stanley lowered their price target on shares of Progressive from $214.00 to $205.00 and set an "underweight" rating on the stock in a research note on Wednesday, January 28th. Barclays upgraded shares of Progressive from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $257.00 to $265.00 in a report on Thursday, January 8th. Bank of America reduced their price objective on shares of Progressive from $350.00 to $348.00 and set a "buy" rating for the company in a research note on Tuesday, December 9th. Finally, William Blair downgraded shares of Progressive from an "outperform" rating to a "market perform" rating in a report on Thursday, December 18th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $245.50.
Read Our Latest Analysis on Progressive
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the company. Bell Investment Advisors Inc raised its stake in shares of Progressive by 20.8% during the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider's stock worth $68,000 after buying an additional 44 shares during the last quarter. Maia Wealth LLC grew its stake in Progressive by 5.4% in the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider's stock valued at $229,000 after acquiring an additional 44 shares during the last quarter. Selective Wealth Management Inc. grew its stake in Progressive by 2.1% in the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider's stock valued at $538,000 after acquiring an additional 45 shares during the last quarter. Liberty One Investment Management LLC increased its holdings in Progressive by 3.8% during the 3rd quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider's stock valued at $319,000 after acquiring an additional 47 shares in the last quarter. Finally, True Wealth Design LLC increased its holdings in Progressive by 20.8% during the 3rd quarter. True Wealth Design LLC now owns 279 shares of the insurance provider's stock valued at $69,000 after acquiring an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.
Progressive Company Profile
(
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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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