The Progressive Corporation (NYSE:PGR - Get Free Report) insider Lori Niederst sold 7,339 shares of the firm's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the transaction, the insider owned 42,567 shares in the company, valued at $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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.
Progressive Stock Down 2.7%
PGR stock opened at $203.98 on Tuesday. The firm has a market cap of $118.59 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 2.82 and a beta of 0.27. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93. The firm has a fifty day moving average price of $214.43 and a two-hundred day moving average price of $206.43. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.
Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same period last year, the firm posted $5.40 EPS. The company's revenue for the quarter was up 5.0% on a year-over-year basis. Research analysts predict that The Progressive Corporation will post 17.57 EPS for the current year.
Progressive Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's dividend payout ratio is 2.01%.
Institutional Investors Weigh In On Progressive
A number of institutional investors have recently bought and sold shares of PGR. Allstate Corp increased its stake in shares of Progressive by 106.1% in the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider's stock worth $10,136,000 after acquiring an additional 22,915 shares during the last quarter. Norges Bank acquired a new stake in shares of Progressive during the 4th quarter valued at about $1,836,094,000. Investment House LLC bought a new stake in shares of Progressive in the 4th quarter valued at approximately $8,447,000. Van Cleef Asset Management Inc increased its holdings in Progressive by 1.2% in the fourth quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider's stock worth $173,429,000 after buying an additional 9,017 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new stake in Progressive in the fourth quarter worth approximately $353,906,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Progressive in a research report on Monday, August 3rd. Mizuho set a $236.00 target price on shares of Progressive in a research note on Wednesday, August 5th. Bank of America dropped their price target on shares of Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a research note on Thursday, July 16th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research report on Friday, May 22nd. Finally, Evercore set a $240.00 price objective on Progressive in a report on Friday, July 10th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Progressive has an average rating of "Hold" and an average price target of $233.16.
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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