Key Points
- Progressive insider Steven Broz sold 1,157 shares on June 22 at an average price of $204.76, totaling about $236,907. The sale reduced his direct holdings by 4.04% and was made under a pre-arranged Rule 10b5-1 trading plan.
- Progressive recently reported solid quarterly results, beating EPS expectations with $4.80 per share versus $4.67 expected. Revenue came in at $22.19 billion, up 6.5% year over year, though it missed analyst estimates.
- Analyst sentiment remains cautious on the stock, with a consensus rating of Hold and an average price target of $237.58. The shares also carry a small dividend, with a quarterly payout of $0.10 and a 0.2% yield.
The Progressive Corporation (NYSE:PGR - Get Free Report) insider Steven Broz sold 1,157 shares of the company's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the transaction, the insider directly owned 27,511 shares in the company, valued at $5,633,152.36. This trade represents a 4.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Steven Broz also recently made the following trade(s):
- On Friday, June 5th, Steven Broz sold 1,157 shares of Progressive stock. The stock was sold at an average price of $200.00, for a total value of $231,400.00.
Progressive Stock Performance
Shares of NYSE:PGR opened at $215.90 on Wednesday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $267.92. The stock has a market capitalization of $126.16 billion, a P/E ratio of 10.98, a P/E/G ratio of 6.39 and a beta of 0.28. The business has a 50-day moving average price of $200.60 and a two-hundred day moving average price of $206.86.
Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the firm earned $4.37 EPS. The company's revenue for the quarter was up 6.5% on a year-over-year basis. Equities analysts predict that The Progressive Corporation will post 16.82 earnings per share for the current year.
Progressive Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Shareholders 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 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is presently 2.03%.
Hedge Funds Weigh In On Progressive
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bard Associates Inc. acquired a new position in shares of Progressive in the 4th quarter valued at $27,000. Dagco Inc. acquired a new stake in Progressive during the 4th quarter worth $28,000. Bogart Wealth LLC raised its stake in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after buying an additional 87 shares during the period. Ameriflex Group Inc. lifted its holdings in Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock worth $31,000 after acquiring an additional 65 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. bought a new position in Progressive during the fourth quarter worth about $29,000. 85.34% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts have commented on the stock. Zacks Research upgraded shares of Progressive from a "strong sell" rating to a "hold" rating in a research report on Tuesday, February 24th. Barclays set a $247.00 price target on Progressive in a research report on Wednesday, March 18th. BMO Capital Markets reiterated a "market perform" rating and issued a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. UBS Group upped their price objective on Progressive from $218.00 to $220.00 and gave the company a "neutral" rating in a report on Monday, March 23rd. Finally, Royal Bank Of Canada set a $208.00 target price on Progressive in a research note on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $237.58.
View Our Latest Stock Analysis on Progressive
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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