Progressive (NYSE:PGR) Insider Steven Broz Sells 1,157 Shares of Stock

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,157 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $204.76, for a total transaction of $236,907.32. Following the sale, the insider directly owned 27,511 shares in the company, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Steven Broz also recently made the following trade(s):

• On Friday, June 5th, Steven Broz sold 1,157 shares of Progressive stock. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00.

Progressive Stock Up 3.5%

Shares of NYSE:PGR traded up $7.25 during trading on Tuesday, hitting $214.63. The company’s stock had a trading volume of 1,121,750 shares, compared to its average volume of 3,234,866. The business has a 50 day moving average price of $200.16 and a two-hundred day moving average price of $206.94. The company has a market capitalization of $125.42 billion, a PE ratio of 10.90, a P/E/G ratio of 6.31 and a beta of 0.28. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $267.92.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The company’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.37 earnings per share. As a group, research analysts expect that The Progressive Corporation will post 16.82 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders 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 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is 2.03%.

Analyst Ratings Changes

PGR has been the subject of several recent research reports. Bank of America decreased their price objective on Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research note on Thursday, June 18th. BMO Capital Markets restated a “market perform” rating and set a $220.00 target price on shares of Progressive in a research note on Wednesday, May 20th. Mizuho reduced their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Wells Fargo & Company decreased their price target on shares of Progressive from $222.00 to $219.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Argus upgraded shares of Progressive to a “hold” rating in a report on Thursday, March 5th. Six analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $237.58.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new stake in Progressive during the fourth quarter worth approximately $1,836,094,000. Capital International Investors grew its stake in Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after buying an additional 6,045,732 shares during the last quarter. Wellington Management Group LLP increased its position in Progressive by 181.8% during the fourth quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after buying an additional 4,197,212 shares during the period. Diamant Asset Management Inc. lifted its stake in Progressive by 19,724.0% in the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after buying an additional 4,048,351 shares during the last quarter. Finally, Capital Research Global Investors lifted its stake in Progressive by 26.1% in the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after buying an additional 2,314,864 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

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.