Progressive (NYSE:PGR) Insider John Jo Murphy Sells 5,916 Shares of Stock

The Progressive Corporation (NYSE:PGR) insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. This represents a 12.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Stock Down 1.8%

Shares of Progressive stock opened at $200.33 on Tuesday. The business’s 50 day simple moving average is $198.84 and its 200 day simple moving average is $208.58. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $278.71. The firm has a market cap of $117.06 billion, a PE ratio of 10.18, a P/E/G ratio of 5.91 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.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the firm earned $4.37 EPS. Progressive’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, analysts predict that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Announces Dividend

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 given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s payout ratio is 2.03%.

Analyst Ratings Changes

Several research firms have weighed in on PGR. 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. UBS Group boosted their price target on Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research report on Monday, March 23rd. BMO Capital Markets reaffirmed a “market perform” rating and set a $220.00 price target on shares of Progressive in a research report on Wednesday, May 20th. Barclays set a $247.00 price target on Progressive in a research report on Wednesday, March 18th. Finally, Royal Bank Of Canada set a $208.00 price target on Progressive in a research report on Friday, May 22nd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $238.11.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after acquiring an additional 593,612 shares during the period. State Street Corp boosted its stake in shares of Progressive by 0.3% during the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after acquiring an additional 78,374 shares during the period. Capital International Investors boosted its stake in shares of Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after acquiring an additional 1,217,527 shares during the period. Capital Research Global Investors boosted its stake in shares of Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after acquiring an additional 2,314,864 shares during the period. Finally, GQG Partners LLC boosted its stake in Progressive by 11.7% in the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock valued at $2,375,706,000 after purchasing an additional 1,092,151 shares during the period. 85.34% of the stock is currently owned by institutional investors.

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.