Key Points
- Progressive insider Steven Broz sold 1,225 shares at an average price of $204.29, worth about $250,255, reducing his holdings by 3.92%. The transaction was made under a pre-arranged Rule 10b5-1 trading plan.
- Progressive reported quarterly EPS of $5.67, exceeding analyst expectations of $4.64, while revenue reached $23.61 billion versus the $19.49 billion consensus estimate. The company also announced a quarterly dividend of $0.10 per share.
- Wall Street maintains a consensus “Hold” rating on PGR, with 13 Hold, seven Buy and two Sell ratings and an average price target of $234.89. Institutional investors own approximately 85.34% of the company.
The Progressive Corporation (NYSE:PGR - Get Free Report) insider Steven Broz sold 1,225 shares of the stock in a transaction that occurred on Thursday, September 24th. The stock was sold at an average price of $204.29, for a total value of $250,255.25. Following the completion of the sale, the insider owned 30,032 shares of the company's stock, valued at approximately $6,135,237.28. This trade represents a 3.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Steven Broz also recently made the following trade(s):
- On Thursday, August 20th, Steven Broz sold 1,225 shares of Progressive stock. The stock was sold at an average price of $219.40, for a total transaction of $268,765.00.
Progressive Price Performance
PGR stock opened at $209.37 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $248.17. The firm has a 50-day moving average of $214.24 and a 200 day moving average of $208.38. The company has a market cap of $121.72 billion, a P/E ratio of 10.50, a PEG ratio of 2.63 and a beta of 0.27.
Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating 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 net margin of 12.84% and a return on equity of 32.92%. The company's quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.40 EPS. On average, sell-side analysts forecast that The Progressive Corporation will post 17.9 EPS for the current year.
Progressive Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's payout ratio is 2.01%.
Wall Street Analyst Weigh In
Several research firms have weighed in on PGR. Cantor Fitzgerald decreased their price target on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating on the stock in a research report on Monday, August 17th. BMO Capital Markets restated a "market perform" rating on shares of Progressive in a research note on Monday, September 21st. HSBC raised their target price on Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a report on Monday, July 6th. Morgan Stanley upgraded Progressive from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. Finally, Evercore set a $240.00 price objective on Progressive in a research note on Friday, July 10th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $234.89.
Check Out Our Latest Report on Progressive
Institutional Trading of Progressive
Several hedge funds and other institutional investors have recently made changes to their positions in PGR. Unique Wealth LLC lifted its holdings in shares of Progressive by 4.3% during the 2nd quarter. Unique Wealth LLC now owns 1,240 shares of the insurance provider's stock valued at $271,000 after purchasing an additional 51 shares during the last quarter. Phillips Wealth Planners LLC increased its position in Progressive by 2.8% during the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock valued at $436,000 after buying an additional 52 shares in the last quarter. Linden Thomas Advisory Services LLC increased its position in Progressive by 1.4% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 4,072 shares of the insurance provider's stock valued at $890,000 after buying an additional 55 shares in the last quarter. Brown Miller Wealth Management LLC raised its stake in Progressive by 2.4% in the second quarter. Brown Miller Wealth Management LLC now owns 2,365 shares of the insurance provider's stock valued at $517,000 after buying an additional 55 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its stake in Progressive by 7.1% in the first quarter. Sunbelt Securities Inc. now owns 857 shares of the insurance provider's stock valued at $170,000 after buying an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.
About Progressive
(
Get Free Report)
Progressive Corporation is an insurance holding company that provides personal and commercial insurance products in the United States. Its primary business is automobile insurance, serving consumers through direct channels, independent agents and other distribution partners.
The company offers coverage for personal vehicles, motorcycles, recreational vehicles, boats and other specialty vehicles. Its personal insurance portfolio also includes homeowners, renters, condominium and other property coverage, while its commercial business provides insurance for commercial vehicles and related risks.
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