Jonathan Bauer Sells 2,266 Shares of Progressive (NYSE:PGR) Stock

The Progressive Corporation (NYSE:PGR) CIO Jonathan Bauer sold 2,266 shares of the company’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Progressive Stock Performance

Shares of NYSE PGR traded up $2.11 during midday trading on Tuesday, hitting $205.80. 2,071,706 shares of the company’s stock were exchanged, compared to its average volume of 3,708,512. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $120.68 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 8.92 and a beta of 0.32. The Progressive Corporation has a 12 month low of $197.92 and a 12 month high of $292.99. The company’s 50 day moving average price is $212.01 and its 200 day moving average price is $226.15.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s payout ratio is currently 2.08%.

Institutional Trading of Progressive

A number of institutional investors have recently bought and sold shares of the company. Bell Investment Advisors Inc boosted its position in shares of Progressive by 20.8% during the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 44 shares in the last quarter. Maia Wealth LLC boosted its holdings in shares of Progressive by 5.4% during the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after buying an additional 44 shares in the last quarter. Trail Ridge Investment Advisors LLC boosted its holdings in shares of Progressive by 1.6% during the 2nd quarter. Trail Ridge Investment Advisors LLC now owns 2,906 shares of the insurance provider’s stock worth $775,000 after buying an additional 45 shares in the last quarter. Selective Wealth Management Inc. grew its position in shares of Progressive by 2.1% during the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock worth $538,000 after buying an additional 45 shares during the period. Finally, Parkside Financial Bank & Trust increased its stake in shares of Progressive by 0.9% in the 2nd quarter. Parkside Financial Bank & Trust now owns 5,130 shares of the insurance provider’s stock valued at $1,369,000 after acquiring an additional 46 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research reports. JPMorgan Chase & Co. cut their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, January 7th. William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Evercore set a $230.00 price target on Progressive in a research note on Thursday, February 19th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a report on Monday, December 29th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $225.00 target price on shares of Progressive in a report on Monday. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Hold” and an average target price of $244.71.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.