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

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,157 shares of Progressive stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider directly 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 document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Stock Performance

Progressive stock traded down $2.53 during trading hours on Monday, hitting $201.49. The company had a trading volume of 939,864 shares, compared to its average volume of 3,213,677. The Progressive Corporation has a one year low of $189.20 and a one year high of $278.71. The firm has a market cap of $117.74 billion, a PE ratio of 10.24, a PEG ratio of 5.91 and a beta of 0.28. The firm has a 50-day moving average of $198.89 and a 200 day moving average of $208.75. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive (NYSE:PGR) last announced its earnings results 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 company 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 firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the company earned $4.37 earnings per share. On average, sell-side analysts expect that The Progressive Corporation will post 16.35 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent research reports. Piper Sandler reaffirmed an “overweight” rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research report on Friday, May 22nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Progressive in a report on Friday, May 22nd. BMO Capital Markets reiterated a “market perform” rating and issued a $220.00 price target on shares of Progressive in a research report on Wednesday, May 20th. Finally, Barclays set a $247.00 price target on Progressive in a research note on Wednesday, March 18th. Six research 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. Based on data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average price target of $238.11.

Institutional Investors Weigh In On Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Illinois Municipal Retirement Fund grew its stake in shares of Progressive by 30.2% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 102,778 shares of the insurance provider’s stock worth $25,381,000 after acquiring an additional 23,833 shares during the period. Allstate Corp lifted its holdings in Progressive by 106.1% during the fourth quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock valued at $10,136,000 after purchasing an additional 22,915 shares during the last quarter. Prospera Financial Services Inc boosted its position in Progressive by 36.9% during the third quarter. Prospera Financial Services Inc now owns 19,240 shares of the insurance provider’s stock worth $4,752,000 after purchasing an additional 5,184 shares during the period. Norges Bank purchased a new position in shares of Progressive in the fourth quarter worth about $1,836,094,000. Finally, Mariner LLC lifted its stake in shares of Progressive by 7.9% during the 3rd quarter. Mariner LLC now owns 644,636 shares of the insurance provider’s stock valued at $159,183,000 after buying an additional 47,248 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

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.