Insider Selling: Progressive Corp (NYSE:PGR) CFO Sells $930,960.00 in Stock

Progressive Corp (NYSE:PGR) CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $77.58, for a total transaction of $930,960.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Progressive stock opened at $77.30 on Thursday. The stock has a market cap of $45.30 billion, a P/E ratio of 17.49, a PEG ratio of 1.97 and a beta of 0.66. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $84.96. The firm’s fifty day moving average price is $80.81 and its 200-day moving average price is $76.60. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.36 and a current ratio of 0.36.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.23. The firm had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.13 billion. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.19 earnings per share. Sell-side analysts predict that Progressive Corp will post 5.4 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, October 7th will be given a $0.10 dividend. The ex-dividend date is Friday, October 4th. This represents a $0.40 annualized dividend and a yield of 0.52%. Progressive’s dividend payout ratio (DPR) is presently 9.05%.

A number of large investors have recently made changes to their positions in the stock. Weatherly Asset Management L. P. grew its position in Progressive by 3.1% in the second quarter. Weatherly Asset Management L. P. now owns 4,361 shares of the insurance provider’s stock worth $349,000 after acquiring an additional 131 shares in the last quarter. Archford Capital Strategies LLC grew its position in Progressive by 49.5% in the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 135 shares in the last quarter. Creative Planning grew its position in Progressive by 0.8% in the first quarter. Creative Planning now owns 16,896 shares of the insurance provider’s stock worth $1,218,000 after acquiring an additional 137 shares in the last quarter. JLB & Associates Inc. boosted its position in Progressive by 2.0% during the first quarter. JLB & Associates Inc. now owns 6,970 shares of the insurance provider’s stock valued at $502,000 after buying an additional 140 shares during the period. Finally, Cornerstone Advisors Inc. boosted its position in Progressive by 5.4% during the second quarter. Cornerstone Advisors Inc. now owns 2,740 shares of the insurance provider’s stock valued at $219,000 after buying an additional 141 shares during the period. Institutional investors own 78.56% of the company’s stock.

PGR has been the topic of a number of analyst reports. Raymond James boosted their target price on shares of Progressive from $90.00 to $93.00 and gave the company a “strong-buy” rating in a report on Thursday, July 25th. Buckingham Research set a $64.00 target price on shares of Progressive and gave the company a “hold” rating in a report on Monday, May 13th. Barclays boosted their target price on shares of Progressive from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, July 1st. Zacks Investment Research cut shares of Progressive from a “buy” rating to a “hold” rating and set a $84.00 price target on the stock. in a report on Monday, May 27th. Finally, ValuEngine cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Progressive currently has a consensus rating of “Buy” and a consensus price target of $82.92.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Insider Buying and Selling by Quarter for Progressive (NYSE:PGR)

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