Key Points
- Progressive CFO Andrew Quigg sold 3,499 shares at an average of $220, generating approximately $769,780. The transaction was made under a pre-arranged Rule 10b5-1 plan, and he retained 42,595 shares.
- Progressive paid a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a roughly 0.2% yield. The stock recently traded near $220.52, with a market capitalization of about $128.9 billion.
- Analysts maintain a generally neutral outlook, with Progressive carrying an average “Hold” rating and a consensus price target of $236.11. Institutional investors own approximately 85.34% of the company.
The Progressive Corporation (NYSE:PGR - Get Free Report) CFO Andrew Quigg sold 3,499 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the transaction, the chief financial officer owned 42,595 shares of the company's stock, valued at $9,370,900. This represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Progressive Stock Up 0.5%
PGR opened at $220.52 on Thursday. The firm's 50-day simple moving average is $210.81 and its 200-day simple moving average is $206.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The firm has a market cap of $128.86 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 2.96 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 paid 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 dividend payout ratio is currently 2.01%.
Analysts Set New Price Targets
PGR has been the subject of a number of research analyst reports. Evercore set a $240.00 target price on shares of Progressive in a research note on Friday, July 10th. Keefe, Bruyette & Woods decreased their price target on Progressive from $231.00 to $226.00 and set a "market perform" rating on the stock in a research report on Thursday, July 16th. Weiss Ratings cut Progressive from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. BMO Capital Markets cut their price objective on Progressive from $220.00 to $205.00 and set a "market perform" rating for the company in a research report on Thursday, July 16th. Finally, Bank of America reduced their price objective on Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a research note on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Progressive currently has an average rating of "Hold" and an average target price of $236.11.
Check Out Our Latest Analysis on PGR
Institutional Trading of Progressive
Hedge funds have recently modified their holdings of the stock. Bard Associates Inc. bought a new position in Progressive in the 4th quarter worth approximately $27,000. Bogart Wealth LLC lifted its holdings 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 in the last quarter. IFC & Insurance Marketing Inc. bought a new position in Progressive in the 4th quarter valued at $29,000. HHM Wealth Advisors LLC increased its stake in shares of Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock valued at $29,000 after buying an additional 126 shares during the period. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of Progressive in the 4th quarter valued at $33,000. 85.34% of the stock is owned by institutional investors.
Key Headlines Impacting Progressive
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: The scheduled nature of the transactions reduces the likelihood that the sales signal a current deterioration in Progressive’s business outlook. Despite the sales, executives continue to hold substantial positions in the company.
- Positive Sentiment: Analyst sentiment remains broadly supportive. Progressive has an average rating of “Hold” and a consensus price target of $236.11, above its recent trading level. UBS raised its target to $230, while Morgan Stanley upgraded the stock to “Equal Weight.”
- Neutral Sentiment: Progressive recently paid a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a roughly 0.2% yield. The dividend provides limited income support because of its small size.
- Neutral Sentiment: Institutional investors own approximately 85.34% of Progressive, and several smaller investment firms modestly increased their holdings. This indicates continued institutional participation but is not a major new catalyst.
- Negative Sentiment: Progressive insiders reported significant selling. CEO Susan Patricia Griffith sold 37,338 shares for about $7.94 million; Karen Bailo sold 8,452 shares; CIO Jonathan Bauer sold 2,242 shares; John Jo Murphy sold 8,124 shares; and CFO Andrew J. Quigg sold 3,499 shares for about $770,000. The sales reduce individual holdings by approximately 6.7% to 20.7% and could create a cautious near-term signal, even though they were planned in advance. Progressive CFO 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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