Key Points
- Progressive director Jeffrey Kelly sold 7,000 shares on June 24 at an average price of $216.33, totaling about $1.51 million. After the sale, he still held 22,546 shares, a 23.69% reduction in his position.
- Progressive reported stronger-than-expected quarterly earnings of $4.80 per share, topping analyst estimates of $4.67. Revenue rose 6.5% year over year to $22.19 billion, though it came in below expectations.
- The company declared a quarterly dividend of $0.10 per share payable July 10 to shareholders of record on July 2. That works out to an annualized dividend of $0.40 and a yield of about 0.2%.
The Progressive Corporation (NYSE:PGR - Get Free Report) Director Jeffrey Kelly sold 7,000 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the completion of the transaction, the director directly owned 22,546 shares of the company's stock, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Progressive Stock Performance
NYSE PGR opened at $215.69 on Friday. The company has a market capitalization of $126.04 billion, a PE ratio of 10.97, a price-to-earnings-growth ratio of 6.69 and a beta of 0.28. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $267.92. 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 business's 50-day moving average price is $201.40 and its 200 day moving average price is $206.76.
Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $23.51 billion. During the same quarter last year, the firm earned $4.37 earnings per share. The firm's revenue for the quarter was up 6.5% compared to the same quarter last year. On average, research analysts predict that The Progressive Corporation will post 17.08 earnings per share for the current year.
Progressive Announces Dividend
The firm also recently declared 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 is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is 2.03%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bogart Wealth LLC increased its position in shares of Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after purchasing an additional 87 shares during the period. Bard Associates Inc. bought a new position in shares of Progressive in the fourth quarter valued at approximately $27,000. Dagco Inc. bought a new stake in shares of Progressive during the fourth quarter worth $28,000. HHM Wealth Advisors LLC grew its holdings in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after acquiring an additional 126 shares during the last quarter. Finally, IFC & Insurance Marketing Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $29,000. Institutional investors own 85.34% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on PGR shares. UBS Group boosted their target price on shares of Progressive from $218.00 to $220.00 and gave the company a "neutral" rating in a research note on Monday, March 23rd. Piper Sandler reiterated an "overweight" rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $208.00 to $210.00 and gave the company a "market perform" rating in a research note on Thursday, June 18th. Wells Fargo & Company dropped their price target on shares of Progressive from $222.00 to $219.00 and set an "equal weight" rating on the stock in a research report on Thursday, June 18th. Finally, Morgan Stanley cut their price objective on Progressive from $205.00 to $190.00 and set an "underweight" rating for the company in a research report on Tuesday, March 31st. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Progressive has an average rating of "Hold" and an average price target of $237.58.
Get Our Latest Analysis on PGR
Progressive Company Profile
(
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
