Insider Selling: Progressive (NYSE:PGR) Insider Sells 739 Shares of Stock

The Progressive Corporation (NYSE:PGR) insider Maribel Pumarejo sold 739 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total value of $150,201.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Progressive Stock Performance

Shares of NYSE:PGR traded down $1.36 during midday trading on Wednesday, hitting $204.73. The company’s stock had a trading volume of 1,192,897 shares, compared to its average volume of 3,664,709. The stock’s 50 day simple moving average is $211.50 and its 200 day simple moving average is $225.87. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99. The stock has a market capitalization of $120.05 billion, a price-to-earnings ratio of 10.63, a PEG ratio of 8.88 and a beta of 0.32. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.29 and a current ratio of 0.38.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is 2.08%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PGR shares. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. UBS Group cut their price target on shares of Progressive from $226.00 to $218.00 and set a “neutral” rating for the company in a report on Monday. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research note on Thursday, February 19th. JPMorgan Chase & Co. dropped their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a report on Wednesday, January 7th. Finally, Zacks Research downgraded Progressive from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $244.71.

Hedge Funds Weigh In On Progressive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bell Investment Advisors Inc increased its stake in Progressive by 20.8% during the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock worth $68,000 after purchasing an additional 44 shares in the last quarter. Maia Wealth LLC increased its position in shares of Progressive by 5.4% during the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after acquiring an additional 44 shares in the last quarter. Trail Ridge Investment Advisors LLC raised its holdings in shares of Progressive by 1.6% during the second quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider’s stock worth $775,000 after acquiring an additional 45 shares during the period. Selective Wealth Management Inc. lifted its position in Progressive by 2.1% in the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock valued at $538,000 after acquiring an additional 45 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in Progressive by 0.9% in the 2nd quarter. Parkside Financial Bank & Trust now owns 5,130 shares of the insurance provider’s stock worth $1,369,000 after purchasing an additional 46 shares during the period. Institutional investors own 85.34% of the company’s stock.

About Progressive

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.