Progressive (NYSE:PGR) Insider Sells $231,400.00 in Stock

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the completion of the transaction, the insider owned 28,668 shares of the company’s stock, valued at $5,733,600. The trade was a 3.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Price Performance

Shares of NYSE PGR opened at $204.12 on Thursday. The stock has a market capitalization of $119.27 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 5.80 and a beta of 0.28. The business has a 50-day moving average of $198.93 and a 200-day moving average of $208.26. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $269.84.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. During the same quarter last year, the company posted $4.37 earnings per share. Progressive’s quarterly revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts predict that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.03%.

Institutional Investors Weigh In On Progressive

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Klingman & Associates LLC raised its position in shares of Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock valued at $667,000 after buying an additional 48 shares in the last quarter. Wealthstream Advisors Inc. raised its position in shares of Progressive by 4.6% in the third quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after buying an additional 49 shares in the last quarter. Revisor Wealth Management LLC raised its position in shares of Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock valued at $395,000 after buying an additional 50 shares in the last quarter. Cullen Investment Group LTD. raised its position in shares of Progressive by 0.7% in the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock valued at $1,606,000 after buying an additional 52 shares in the last quarter. Finally, Pines Wealth Management LLC raised its position in shares of Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock valued at $319,000 after buying an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Evercore reiterated a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Royal Bank Of Canada set a $208.00 price target on Progressive in a report on Friday, May 22nd. Weiss Ratings cut Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Progressive in a research report on Friday, May 22nd. Finally, Bank of America cut their price objective on shares of Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a research report on Wednesday, May 20th. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and an average price target of $238.11.

Progressive Company Profile

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.