The Progressive Co. (NYSE:PGR) Insider Sells $775,320.00 in Stock

The Progressive Co. (NYSE:PGR) insider Steven Broz sold 2,982 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Steven Broz also recently made the following trade(s):

• On Monday, August 19th, Steven Broz sold 6,122 shares of Progressive stock. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18.

Progressive Price Performance

PGR opened at $252.40 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average price is $236.62 and its 200 day moving average price is $218.52. The Progressive Co. has a fifty-two week low of $137.59 and a fifty-two week high of $260.46. The firm has a market cap of $147.83 billion, a price-to-earnings ratio of 25.97, a price-to-earnings-growth ratio of 0.72 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarterly revenue was up 21.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.57 EPS. As a group, sell-side analysts expect that The Progressive Co. will post 12.9 earnings per share for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders 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 dividend yield of 0.16%. Progressive’s dividend payout ratio is currently 4.09%.

Institutional Trading of Progressive

Large investors have recently modified their holdings of the company. Northwest Bank & Trust Co bought a new position in Progressive in the 4th quarter worth about $25,000. WR Wealth Planners LLC boosted its position in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the period. Indiana Trust & Investment Management CO bought a new position in Progressive in the 1st quarter worth approximately $32,000. Hilltop National Bank increased its position in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. Finally, Register Financial Advisors LLC bought a new stake in Progressive during the 1st quarter valued at $35,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent analyst reports. Bank of America boosted their price objective on shares of Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Barclays began coverage on Progressive in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $367.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. BMO Capital Markets reduced their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company lifted their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.18.

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.