The Progressive Co. (NYSE:PGR) Insider Sells $1,305,919.30 in Stock

The Progressive Co. (NYSE:PGR) insider Patrick K. Callahan sold 4,669 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $279.70, for a total value of $1,305,919.30. Following the transaction, the insider now directly owns 15,191 shares in the company, valued at approximately $4,248,922.70. This represents a 23.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Progressive Stock Up 0.9 %

NYSE PGR traded up $2.65 during trading on Monday, hitting $282.47. The company’s stock had a trading volume of 1,597,081 shares, compared to its average volume of 2,604,326. The Progressive Co. has a fifty-two week low of $195.43 and a fifty-two week high of $287.49. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The company has a market cap of $165.58 billion, a PE ratio of 19.61, a P/E/G ratio of 1.70 and a beta of 0.35. The business’s 50 day simple moving average is $254.23 and its 200-day simple moving average is $252.81.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Progressive’s dividend payout ratio is presently 2.78%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods decreased their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Wells Fargo & Company boosted their price objective on shares of Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Bank of America reduced their target price on shares of Progressive from $333.00 to $318.00 and set a “buy” rating on the stock in a research report on Monday. Finally, JPMorgan Chase & Co. increased their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $276.59.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Equitable Trust Co. acquired a new stake in Progressive during the 3rd quarter valued at approximately $214,000. CWA Asset Management Group LLC acquired a new position in Progressive during the third quarter valued at $915,000. Verdence Capital Advisors LLC boosted its holdings in Progressive by 35.3% in the third quarter. Verdence Capital Advisors LLC now owns 1,356 shares of the insurance provider’s stock valued at $344,000 after purchasing an additional 354 shares during the last quarter. Assetmark Inc. raised its stake in shares of Progressive by 30.8% during the 3rd quarter. Assetmark Inc. now owns 57,131 shares of the insurance provider’s stock valued at $14,498,000 after buying an additional 13,453 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. raised its stake in shares of Progressive by 2.5% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 10,821 shares of the insurance provider’s stock valued at $2,748,000 after buying an additional 262 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.