The Progressive Co. (NYSE:PGR) CFO John P. Sauerland Sells 10,000 Shares

The Progressive Co. (NYSE:PGR) CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. This represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Progressive Trading Down 0.5 %

PGR stock traded down $1.42 during trading on Tuesday, hitting $262.62. The company had a trading volume of 1,340,995 shares, compared to its average volume of 2,458,585. The firm has a market capitalization of $153.85 billion, a P/E ratio of 19.18, a PEG ratio of 0.74 and a beta of 0.38. 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 Progressive Co. has a 52-week low of $149.14 and a 52-week high of $270.62. The company has a 50 day simple moving average of $254.08 and a 200-day simple moving average of $233.65.

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

Wall Street Analyst Weigh In

A number of analysts have commented on PGR shares. Keefe, Bruyette & Woods upped their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. 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. Piper Sandler raised their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Jefferies Financial Group increased their price target on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $269.81.

Institutional Investors Weigh In On Progressive

A number of large investors have recently modified their holdings of the business. State Street Corp lifted its stake in shares of Progressive by 1.3% during the third quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock worth $6,263,763,000 after buying an additional 315,411 shares during the period. Geode Capital Management LLC raised its position in Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after buying an additional 1,682,213 shares during the last quarter. FMR LLC boosted its holdings in shares of Progressive by 1.6% in the 3rd 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 during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Progressive by 7.0% in the third 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 period. Finally, Legal & General Group Plc lifted its holdings in shares of 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 buying an additional 92,212 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

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.