The Progressive Co. (NYSE:PGR) Insider Sells $164,870.10 in Stock

The Progressive Co. (NYSE:PGR) insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now directly owns 33,612 shares in the company, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Progressive Stock Performance

Progressive stock traded down $2.67 during midday trading on Monday, reaching $239.55. 2,126,756 shares of the stock traded hands, compared to its average volume of 2,226,707. The firm has a fifty day moving average price of $251.55 and a two-hundred day moving average price of $240.50. The Progressive Co. has a fifty-two week low of $162.35 and a fifty-two week high of $270.62. The firm has a market cap of $140.33 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 0.70 and a beta of 0.41. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities research analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.17%. The ex-dividend date is Friday, January 10th. Progressive’s payout ratio is currently 2.91%.

Hedge Funds Weigh In On Progressive

A number of institutional investors and hedge funds have recently bought and sold shares of PGR. Davis Capital Management acquired a new stake in shares of Progressive in the 3rd quarter worth approximately $25,000. DiNuzzo Private Wealth Inc. raised its holdings in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares in the last quarter. Kimelman & Baird LLC acquired a new stake in Progressive in the second quarter worth approximately $36,000. Sachetta LLC increased its position in shares of Progressive by 34.0% during the 2nd quarter. Sachetta LLC now owns 209 shares of the insurance provider’s stock valued at $45,000 after purchasing an additional 53 shares during the period. Finally, Friedenthal Financial acquired a new stake in shares of Progressive in the third quarter valued at $49,000. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PGR. The Goldman Sachs Group upped their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. BMO Capital Markets dropped their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Jefferies Financial Group upped their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $275.00.

Progressive Company Profile

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.