Insider Selling: The Progressive Co. (NYSE:PGR) CEO Sells 11,021 Shares of Stock

The Progressive Co. (NYSE:PGR) CEO Susan Patricia Griffith sold 11,021 shares of Progressive stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $2,681,299.09. Following the completion of the transaction, the chief executive officer now owns 473,736 shares in the company, valued at approximately $115,255,231.44. This represents a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

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

• On Friday, January 3rd, Susan Patricia Griffith sold 9,066 shares of Progressive stock. The stock was sold at an average price of $242.10, for a total value of $2,194,878.60.

Progressive Stock Performance

Shares of PGR opened at $238.58 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock has a market cap of $139.76 billion, a P/E ratio of 17.34, a P/E/G ratio of 0.62 and a beta of 0.41. The business’s 50 day moving average price is $248.27 and its 200-day moving average price is $243.31. The Progressive Co. has a 52 week low of $175.50 and a 52 week high of $270.62.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. Progressive’s dividend payout ratio is currently 2.91%.

Hedge Funds Weigh In On Progressive

Several large investors have recently modified their holdings of the stock. State Street Corp increased its stake in Progressive by 1.3% during the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock valued at $6,263,763,000 after purchasing an additional 315,411 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after buying an additional 1,682,213 shares during the last quarter. FMR LLC increased its position in shares of Progressive by 1.6% during the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after acquiring an additional 170,618 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after acquiring an additional 330,667 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Progressive by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after acquiring an additional 92,212 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PGR. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a research report on Thursday, December 26th. Jefferies Financial Group increased their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a report on Tuesday, December 10th. Finally, TD Cowen increased their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $274.65.

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.