The Progressive Corporation (NYSE:PGR - Get Free Report) CIO Jonathan Bauer sold 2,242 shares of the firm's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the completion of the sale, the executive directly owned 26,250 shares of the company's stock, valued at approximately $5,583,637.50. This represents a 7.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Progressive Price Performance
Shares of NYSE PGR opened at $219.97 on Wednesday. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The company's 50-day moving average is $210.45 and its 200 day moving average is $205.97. The stock has a market capitalization of $128.54 billion, a P/E ratio of 11.03, a P/E/G ratio of 2.91 and a beta of 0.26.
Progressive Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive's payout ratio is presently 2.01%.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on PGR. UBS Group increased their target price on Progressive from $220.00 to $230.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 30th. Weiss Ratings downgraded Progressive from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. Morgan Stanley raised Progressive from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $190.00 to $210.00 in a research report on Friday. Evercore set a $240.00 price objective on Progressive in a research report on Friday, July 10th. Finally, Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a report on Friday, May 22nd. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $236.11.
Read Our Latest Research Report on PGR
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Klingman & Associates LLC boosted its holdings in Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock worth $667,000 after acquiring an additional 48 shares in the last quarter. Revisor Wealth Management LLC boosted its stake in Progressive by 2.7% in the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock worth $395,000 after purchasing an additional 50 shares in the last quarter. Pines Wealth Management LLC grew its position in Progressive by 3.9% during the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock valued at $319,000 after purchasing an additional 52 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in Progressive by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock valued at $4,267,000 after purchasing an additional 52 shares in the last quarter. Finally, Phillips Wealth Planners LLC raised its holdings in Progressive by 2.8% in the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock worth $436,000 after buying an additional 52 shares during the last quarter. Institutional investors own 85.34% of the company's stock.
Key Stories Impacting Progressive
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: The insider transactions were scheduled in advance under Rule 10b5-1 plans, which generally reduces the likelihood that the sales reflect a current negative view of Progressive’s business or outlook.
- Neutral Sentiment: A Zacks analyst blog highlighted PGR alongside Intel and Dell. The item may increase visibility for Progressive, but the available report does not provide a specific new earnings estimate, recommendation, or fundamental catalyst. The Zacks Analyst Blog Highlights INTC, DELL and PGR
- Negative Sentiment: Progressive insiders collectively sold 56,156 shares for approximately $11.9 million. CEO Susan Patricia Griffith sold 37,338 shares, while Karen Bailo, Jonathan S. Bauer and John Jo Murphy sold 8,452, 2,242 and 8,124 shares, respectively. The sales reduced their individual holdings by roughly 6.7% to 20.7%, creating some near-term selling pressure and a potentially cautious signal despite the pre-arranged plans. Progressive CEO insider-sale filing
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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