Key Points
- Progressive CEO Susan Patricia Griffith sold 37,338 shares at an average price of $219.50, generating $8.20 million. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan and reduced her direct holdings by 7.14%.
- Progressive reported quarterly EPS of $5.67, beating estimates by $1.03, while revenue reached $23.61 billion and increased 5% year over year.
- Analysts maintain a consensus “Hold” rating with an average price target of $236.26, while the company declared a quarterly dividend of $0.10 per share.
The Progressive Corporation (NYSE:PGR - Get Free Report) CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the transaction, the chief executive officer directly owned 485,438 shares in the company, valued at $106,553,641. The trade was a 7.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Susan Patricia Griffith also recently made the following trade(s):
- On Monday, July 27th, Susan Patricia Griffith sold 37,338 shares of Progressive stock. The shares were sold at an average price of $212.71, for a total transaction of $7,942,165.98.
Progressive Trading Up 0.4%
NYSE:PGR opened at $221.38 on Thursday. The firm has a 50-day simple moving average of $217.51 and a 200-day simple moving average of $207.58. The Progressive Corporation has a one year low of $189.20 and a one year high of $249.83. The firm has a market cap of $128.70 billion, a P/E ratio of 11.10, a P/E/G ratio of 2.94 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.
Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.64 by $1.03. The company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. Progressive's revenue was up 5.0% compared to the same quarter last year. During the same period last year, the company posted $5.40 earnings per share. Equities analysts anticipate that The Progressive Corporation will post 17.74 EPS for the current fiscal year.
Progressive Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive's payout ratio is presently 2.01%.
Institutional Trading of Progressive
A number of hedge funds and other institutional investors have recently modified their holdings of PGR. Bogart Wealth LLC boosted its position in shares of 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 purchasing an additional 87 shares during the period. IMG Wealth Management Inc. acquired a new position in Progressive in the 2nd quarter valued at about $26,000. Meeder Asset Management Inc. purchased a new position in shares of Progressive in the second quarter valued at approximately $26,000. Bard Associates Inc. acquired a new position in shares of Progressive in the fourth quarter valued at approximately $27,000. Finally, Kilter Group LLC acquired a new stake in Progressive during the 2nd quarter worth approximately $27,000. 85.34% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts have recently weighed in on PGR shares. JPMorgan Chase & Co. lowered their price objective on Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a research report on Tuesday, August 4th. UBS Group lifted their price target on Progressive from $225.00 to $234.00 and gave the company a "neutral" rating in a research note on Thursday, August 27th. Evercore set a $240.00 target price on shares of Progressive in a research report on Friday, July 10th. Mizuho set a $236.00 price objective on Progressive in a research note on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods raised Progressive from a "market perform" rating to an "outperform" rating and increased their target price for the company from $226.00 to $250.00 in a report on Thursday, August 20th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $236.26.
View Our Latest Report 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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