Progressive Corp (NYSE:PGR) Insider Sells $354,200.00 in Stock

Progressive Corp (NYSE:PGR) insider Steven Broz sold 5,000 shares of the company’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $70.84, for a total transaction of $354,200.00. Following the completion of the sale, the insider now directly owns 25,295 shares in the company, valued at $1,791,897.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Shares of NYSE PGR opened at $68.77 on Wednesday. The company’s fifty day moving average price is $75.02 and its 200 day moving average price is $77.68. Progressive Corp has a 1 year low of $56.71 and a 1 year high of $84.96. The company has a market capitalization of $41.04 billion, a PE ratio of 15.56, a price-to-earnings-growth ratio of 1.79 and a beta of 0.68. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.36 and a current ratio of 0.42.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 16th. The insurance provider reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.09. Progressive had a net margin of 8.69% and a return on equity of 25.83%. The firm had revenue of $9.62 billion for the quarter, compared to the consensus estimate of $9.66 billion. During the same period in the prior year, the firm posted $1.57 earnings per share. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. On average, equities analysts expect that Progressive Corp will post 5.34 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, October 7th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date was Friday, October 4th. Progressive’s dividend payout ratio (DPR) is presently 9.05%.

Several research firms have recently commented on PGR. ValuEngine downgraded shares of Progressive from a “hold” rating to a “sell” rating in a report on Tuesday, October 15th. Wells Fargo & Co set a $78.00 price objective on shares of Progressive and gave the company a “hold” rating in a report on Friday, September 13th. Buckingham Research upped their price objective on shares of Progressive from $74.00 to $78.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Barclays set a $90.00 price objective on shares of Progressive and gave the company a “buy” rating in a report on Friday, September 13th. Finally, Credit Suisse Group dropped their price objective on shares of Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $82.92.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Manchester Financial Inc. purchased a new stake in Progressive during the second quarter worth $25,000. First Financial Corp IN purchased a new stake in Progressive during the third quarter worth $25,000. Synovus Financial Corp boosted its holdings in Progressive by 752.4% during the second quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock worth $27,000 after buying an additional 316 shares in the last quarter. Archford Capital Strategies LLC boosted its holdings in Progressive by 49.5% during the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock worth $33,000 after buying an additional 135 shares in the last quarter. Finally, Mirova purchased a new stake in Progressive during the second quarter worth $43,000. 78.78% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Insider Buying and Selling by Quarter for Progressive (NYSE:PGR)

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