Progressive (NYSE:PGR) Insider Steven Broz Sells 1,225 Shares of Stock

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,225 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $219.40, for a total value of $268,765.00. Following the completion of the transaction, the insider directly owned 31,257 shares of the company’s stock, valued at approximately $6,857,785.80. This trade represents a 3.77% decrease in their position. The transaction 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.

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

• On Monday, June 22nd, Steven Broz sold 1,157 shares of Progressive stock. The stock was sold at an average price of $204.76, for a total transaction of $236,907.32.
• On Friday, June 5th, Steven Broz sold 1,157 shares of Progressive stock. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00.

Progressive Trading Up 2.1%

Shares of PGR stock opened at $223.87 on Tuesday. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $249.83. The stock’s fifty day moving average price is $215.94 and its two-hundred day moving average price is $206.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $130.15 billion, a PE ratio of 11.23, a P/E/G ratio of 2.93 and a beta of 0.27.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The company had revenue of $23.61 billion during the quarter, compared to analysts’ expectations of $19.49 billion. Progressive had a return on equity of 32.92% and a net margin of 12.84%.Progressive’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.40 EPS. Equities analysts predict that The Progressive Corporation will post 17.71 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be issued 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 dividend yield of 0.2%. Progressive’s dividend payout ratio is 2.01%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. The Goldman Sachs Group reiterated a “buy” rating and set a $230.00 price objective on shares of Progressive in a research report on Wednesday, August 19th. Bank of America lowered their price target on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a report on Thursday, July 16th. Wells Fargo & Company increased their price target on Progressive from $198.00 to $201.00 and gave the company an “underweight” rating in a research note on Thursday, August 20th. UBS Group boosted their price objective on Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Progressive in a research report on Monday, August 3rd. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $236.05.

Institutional Trading of Progressive

Institutional investors and hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. acquired a new position in Progressive during the 2nd quarter worth about $26,000. Bard Associates Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at about $27,000. IMG Wealth Management Inc. bought a new position in shares of Progressive during the second quarter worth about $26,000. Bogart Wealth LLC lifted its stake in shares of Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 87 shares during the period. Finally, Kilter Group LLC bought a new stake in Progressive in the second quarter valued at approximately $27,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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.