Insider Selling: Progressive (NYSE:PGR) Insider Sells $250,255.25 in Stock

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,225 shares of the firm’s stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $204.29, for a total value of $250,255.25. Following the transaction, the insider owned 30,032 shares of the company’s stock, valued at $6,135,237.28. The trade was a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, August 20th, Steven Broz sold 1,225 shares of Progressive stock. The stock was sold at an average price of $219.40, for a total transaction of $268,765.00.

Progressive Stock Performance

Shares of PGR stock opened at $207.97 on Thursday. The company has a market capitalization of $120.91 billion, a price-to-earnings ratio of 10.43, a price-to-earnings-growth ratio of 2.70 and a beta of 0.27. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a one year low of $189.20 and a one year high of $248.17. The company’s 50-day moving average is $214.40 and its 200 day moving average is $208.47.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.64 by $1.03. The firm had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.40 earnings per share. Sell-side analysts expect that The Progressive Corporation will post 17.9 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date is Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PGR. The Goldman Sachs Group restated a “buy” rating and issued a $230.00 price target on shares of Progressive in a research note on Wednesday, August 19th. Jefferies Financial Group reiterated a “hold” rating and issued a $228.00 price objective on shares of Progressive in a report on Wednesday, August 19th. Roth Capital reissued a “buy” rating and issued a $245.00 target price on shares of Progressive in a research report on Thursday, August 20th. Cantor Fitzgerald lowered their target price on shares of Progressive from $220.00 to $200.00 and set a “neutral” rating on the stock in a research note on Monday, August 17th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $245.00 price target on shares of Progressive in a research note on Monday, September 21st. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $234.89.

Institutional Investors Weigh In On Progressive

Large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Progressive during the second quarter valued at approximately $10,496,271,000. State Street Corp grew its position in shares of Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after acquiring an additional 656,249 shares during the period. Capital International Investors increased its stake in shares of Progressive by 8.9% in the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after purchasing an additional 1,217,527 shares in the last quarter. Bank of America Corp DE bought a new position in Progressive in the 2nd quarter worth $2,682,342,000. Finally, GQG Partners LLC bought a new stake in Progressive during the second quarter valued at about $1,538,570,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Company Profile

Progressive Corporation is an insurance holding company that provides personal and commercial insurance products in the United States. Its primary business is automobile insurance, serving consumers through direct channels, independent agents and other distribution partners.

The company offers coverage for personal vehicles, motorcycles, recreational vehicles, boats and other specialty vehicles. Its personal insurance portfolio also includes homeowners, renters, condominium and other property coverage, while its commercial business provides insurance for commercial vehicles and related risks.