Key Points
- Progressive insider John Jo Murphy sold 5,916 shares on June 5 at $200.00 each, totaling about $1.18 million. After the trade, he still owned 41,290 shares, and the sale was made under a pre-arranged Rule 10b5-1 plan.
- Progressive beat earnings expectations in its latest quarterly report, posting $4.80 EPS versus the $4.67 consensus estimate. Revenue came in below expectations at $22.19 billion, though it still rose 6.5% year over year.
- The company recently declared a quarterly dividend of $0.10 per share, payable July 10, with a very low annualized yield of 0.2%. Analysts currently rate the stock a consensus Hold, with an average price target of $238.11.
The Progressive Corporation (NYSE:PGR - Get Free Report) insider Steven Broz sold 1,157 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider directly owned 28,668 shares in the company, valued at approximately $5,733,600. The trade was a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Progressive Stock Performance
NYSE PGR opened at $200.33 on Tuesday. The firm's fifty day moving average price is $198.84 and its two-hundred day moving average price is $208.58. The stock has a market cap of $117.06 billion, a PE ratio of 10.18, a PEG ratio of 5.91 and a beta of 0.28. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $278.71. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27.
Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts' consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $23.51 billion. During the same quarter in the previous year, the firm posted $4.37 earnings per share. The company's revenue was up 6.5% on a year-over-year basis. On average, equities analysts expect that The Progressive Corporation will post 16.35 EPS for the current fiscal year.
Progressive Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is currently 2.03%.
Analyst Ratings Changes
Several brokerages recently weighed in on PGR. Argus raised shares of Progressive to a "hold" rating in a research note on Thursday, March 5th. Keefe, Bruyette & Woods reissued a "market perform" rating on shares of Progressive in a research note on Friday, May 22nd. Evercore reissued a "negative" rating on shares of Progressive in a research note on Wednesday, March 18th. Piper Sandler reissued an "overweight" rating and issued a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Finally, UBS Group boosted their price objective on shares of Progressive from $218.00 to $220.00 and gave the stock a "neutral" rating in a research note on Monday, March 23rd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $238.11.
Check Out Our Latest Research Report on Progressive
Hedge Funds Weigh In On Progressive
Hedge funds and other institutional investors have recently bought and sold shares of the company. Bard Associates Inc. acquired a new position in Progressive in the fourth quarter valued at $27,000. Dagco Inc. acquired a new position in Progressive in the fourth quarter valued at $28,000. Bogart Wealth LLC lifted its holdings in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after buying an additional 87 shares during the period. Ameriflex Group Inc. lifted its holdings in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after buying an additional 65 shares during the period. Finally, IFC & Insurance Marketing Inc. acquired a new position in Progressive in the fourth quarter valued at $29,000. Institutional investors and hedge funds own 85.34% of the company's stock.
Progressive Company Profile
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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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