Andrew Quigg Sells 3,499 Shares of Progressive (NYSE:PGR) Stock

The Progressive Corporation (NYSE:PGR) CFO Andrew Quigg sold 3,499 shares of Progressive stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. The trade was a 7.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Price Performance

NYSE:PGR opened at $213.09 on Friday. The firm has a market capitalization of $124.52 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 2.96 and a beta of 0.26. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The business has a 50 day simple moving average of $211.09 and a 200-day simple moving average of $206.01. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Institutional Investors Weigh In On Progressive

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bogart Wealth LLC boosted its holdings in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 87 shares during the last quarter. Bard Associates Inc. purchased a new position in shares of Progressive during the 4th quarter valued at about $27,000. HHM Wealth Advisors LLC boosted its stake in shares of Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after buying an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. acquired a new stake in Progressive during the fourth quarter worth about $29,000. Finally, Axiom Investment Management LLC purchased a new position in Progressive during the first quarter valued at approximately $31,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PGR shares. BMO Capital Markets reduced their target price on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. UBS Group increased their price objective on Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods reduced their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Wells Fargo & Company decreased their target price on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday, July 16th. Finally, Weiss Ratings cut Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $236.11.

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.