The Progressive Corporation (NYSE:PGR - Get Free Report) insider Steven Broz sold 1,225 shares of the company's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $219.40, for a total transaction of $268,765.00. Following the sale, the insider directly owned 31,257 shares in the company, valued at $6,857,785.80. This trade represents a 3.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Steven Broz also recently made the following trade(s):
- On Monday, June 22nd, Steven Broz sold 1,157 shares of Progressive stock. The stock was sold at an average price of $204.76, for a total value of $236,907.32.
- On Friday, June 5th, Steven Broz sold 1,157 shares of Progressive stock. The shares were sold at an average price of $200.00, for a total value of $231,400.00.
Progressive Trading Up 2.1%
Shares of PGR stock opened at $223.87 on Tuesday. The company has a market cap of $130.15 billion, a P/E ratio of 11.23, a PEG ratio of 2.93 and a beta of 0.27. The stock has a 50 day simple moving average of $215.94 and a two-hundred day simple moving average of $206.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $249.83.
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. The firm had revenue of $23.61 billion for the quarter, compared to analysts' expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business earned $5.40 EPS. Research analysts forecast that The Progressive Corporation will post 17.71 earnings per share for the current year.
Progressive Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid 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 yield of 0.2%. Progressive's dividend payout ratio is currently 2.01%.
Institutional Trading of Progressive
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brighton Jones LLC lifted its stake in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the fourth quarter valued at about $269,000. Bison Wealth LLC boosted its holdings in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after purchasing an additional 80 shares during the last quarter. HUB Investment Partners LLC grew its position in Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock worth $609,000 after purchasing an additional 166 shares in the last quarter. Finally, Diversify Wealth Management LLC increased its stake in Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock valued at $3,681,000 after buying an additional 1,622 shares during the last quarter. 85.34% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
PGR has been the topic of several research reports. Bank of America dropped their price objective on shares of Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a report on Thursday, July 16th. Wells Fargo & Company boosted their target price on Progressive from $198.00 to $201.00 and gave the company an "underweight" rating in a research report on Thursday, August 20th. Royal Bank Of Canada set a $208.00 price target on Progressive in a report on Friday, May 22nd. Cantor Fitzgerald decreased their price objective on Progressive from $220.00 to $200.00 and set a "neutral" rating for the company in a report on Monday, August 17th. Finally, JPMorgan Chase & Co. lowered their target price on Progressive from $250.00 to $241.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Progressive presently has a consensus rating of "Hold" and a consensus target price of $236.05.
Read Our Latest Research Report on Progressive
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.
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