Progressive (NYSE:PGR) Insider Sells $1,797,824.92 in Stock

The Progressive Corporation (NYSE:PGR) insider Karen Bailo sold 8,452 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider directly owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Trading Down 3.1%

PGR opened at $213.09 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The firm has a market cap of $124.52 billion, a P/E ratio of 10.69, a P/E/G ratio of 2.96 and a beta of 0.26. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The business has a fifty day simple moving average of $211.09 and a 200-day simple moving average of $206.01.

Progressive Announces Dividend

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

Wall Street Analyst Weigh In

PGR has been the topic of several research reports. Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Mizuho lifted their price objective on shares of Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Evercore set a $240.00 target price on shares of Progressive in a research note on Friday, July 10th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $250.00 target price on shares of Progressive in a report on Tuesday, July 14th. Finally, Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average target price of $236.11.

Institutional Trading of Progressive

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in 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 in the last quarter. State Street Corp lifted its position 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 purchasing an additional 78,374 shares during the last quarter. Capital International Investors lifted its position 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 purchasing an additional 1,217,527 shares during the last quarter. GQG Partners LLC grew its stake in shares of Progressive by 11.7% during the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after purchasing an additional 1,092,151 shares in the last quarter. Finally, Norges Bank purchased a new position in Progressive in the fourth quarter valued at $1,836,094,000. 85.34% of the stock is currently owned by hedge funds and other 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.