Dyke Kahina Van Sells 2,180 Shares of The Progressive Co. (NYSE:PGR) Stock

The Progressive Co. (NYSE:PGR) Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Progressive Trading Up 0.2 %

Progressive stock opened at $254.37 on Wednesday. The stock has a market cap of $148.98 billion, a P/E ratio of 26.04, a PEG ratio of 0.72 and a beta of 0.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Co. has a 1 year low of $137.59 and a 1 year high of $260.46. The firm’s 50 day moving average price is $239.33 and its 200-day moving average price is $220.12.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the business posted $0.57 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, equities analysts predict that The Progressive Co. will post 12.9 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Analysts Set New Price Targets

A number of research analysts have issued reports on PGR shares. JPMorgan Chase & Co. lifted their price objective on Progressive from $210.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Jefferies Financial Group upped their price target on shares of Progressive from $256.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group increased their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Barclays assumed coverage on shares of Progressive in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective on the stock. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PGR. Sunbelt Securities Inc. boosted its stake in Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after buying an additional 46 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after buying an additional 48 shares during the period. Farmers & Merchants Investments Inc. boosted its stake in Progressive by 10.4% during the second quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock worth $106,000 after buying an additional 48 shares during the period. Graypoint LLC boosted its stake in Progressive by 1.2% during the second quarter. Graypoint LLC now owns 4,202 shares of the insurance provider’s stock worth $873,000 after buying an additional 49 shares during the period. Finally, City State Bank boosted its stake in Progressive by 8.2% during the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after buying an additional 50 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

About Progressive

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.