The Progressive Co. (NYSE:PGR) CEO Susan Patricia Griffith Sells 43,370 Shares of Stock

The Progressive Co. (NYSE:PGR) CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Susan Patricia Griffith also recently made the following trade(s):

• On Monday, July 22nd, Susan Patricia Griffith sold 43,371 shares of Progressive stock. The shares were sold at an average price of $214.01, for a total value of $9,281,827.71.

Progressive Stock Performance

Progressive stock opened at $249.51 on Friday. The stock’s 50 day simple moving average is $224.65 and its two-hundred day simple moving average is $212.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The stock has a market cap of $146.13 billion, a price-to-earnings ratio of 25.54, a PEG ratio of 0.83 and a beta of 0.35. The Progressive Co. has a fifty-two week low of $133.51 and a fifty-two week high of $254.83.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.61. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business’s revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 EPS. As a group, analysts expect that The Progressive Co. will post 12.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s payout ratio is 4.09%.

Institutional Trading of Progressive

Large investors have recently bought and sold shares of the company. Sunbelt Securities Inc. boosted its position in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after purchasing an additional 48 shares in the last quarter. Farmers & Merchants Investments Inc. boosted its position in shares of Progressive by 10.4% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 48 shares in the last quarter. Graypoint LLC boosted its position in shares of Progressive by 1.2% in the 2nd quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after purchasing an additional 49 shares in the last quarter. Finally, City State Bank boosted its position in shares of Progressive by 8.2% in the 2nd quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after purchasing an additional 50 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research report on Monday, August 12th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Roth Mkm lifted their price objective on Progressive from $235.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Evercore ISI lifted their price objective on Progressive from $243.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Finally, Bank of America lifted their price objective on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $252.24.

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.