Susan Patricia Griffith Sells 37,338 Shares of Progressive (NYSE:PGR) Stock

The Progressive Corporation (NYSE:PGR) CEO Susan Patricia Griffith sold 37,338 shares of Progressive stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the transaction, the chief executive officer directly owned 522,776 shares of the company’s stock, valued at approximately $111,199,682.96. This trade represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Price Performance

Shares of PGR opened at $220.52 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $254.93. The business’s 50 day moving average price is $210.81 and its two-hundred day moving average price is $206.02. The firm has a market cap of $128.86 billion, a PE ratio of 11.06, a price-to-earnings-growth ratio of 2.96 and a beta of 0.26.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PGR. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $250.00 price objective on shares of Progressive in a report on Tuesday, July 14th. Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. UBS Group boosted their price target on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. William Blair reiterated a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Finally, BMO Capital Markets cut their price target on Progressive from $220.00 to $205.00 and set a “market perform” rating for the company in a research note on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $236.11.

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: The scheduled nature of the transactions reduces the likelihood that the sales signal a current deterioration in Progressive’s business outlook. Despite the sales, executives continue to hold substantial positions in the company.
• Positive Sentiment: Analyst sentiment remains broadly supportive. Progressive has an average rating of “Hold” and a consensus price target of $236.11, above its recent trading level. UBS raised its target to $230, while Morgan Stanley upgraded the stock to “Equal Weight.”
• Neutral Sentiment: Progressive recently paid a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a roughly 0.2% yield. The dividend provides limited income support because of its small size.
• Neutral Sentiment: Institutional investors own approximately 85.34% of Progressive, and several smaller investment firms modestly increased their holdings. This indicates continued institutional participation but is not a major new catalyst.
• Negative Sentiment: Progressive insiders reported significant selling. CEO Susan Patricia Griffith sold 37,338 shares for about $7.94 million; Karen Bailo sold 8,452 shares; CIO Jonathan Bauer sold 2,242 shares; John Jo Murphy sold 8,124 shares; and CFO Andrew J. Quigg sold 3,499 shares for about $770,000. The sales reduce individual holdings by approximately 6.7% to 20.7% and could create a cautious near-term signal, even though they were planned in advance. Progressive CFO insider-sale filing

Hedge Funds Weigh In On Progressive

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock valued at $12,584,067,000 after purchasing an additional 593,612 shares in the last quarter. State Street Corp grew its holdings in Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after acquiring an additional 78,374 shares during the last quarter. Capital International Investors increased its holdings in Progressive by 8.9% during the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock valued at $3,398,123,000 after purchasing an additional 1,217,527 shares during the period. GQG Partners LLC increased its holdings in Progressive by 11.7% during the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock valued at $2,375,706,000 after purchasing an additional 1,092,151 shares during the period. Finally, Norges Bank bought a new position in Progressive during the 4th quarter valued at approximately $1,836,094,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

About Progressive

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.