Insider Selling: Progressive (NYSE:PGR) Insider Sells $273,567.00 in Stock

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,225 shares of Progressive stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total value of $273,567.00. Following the sale, the insider directly owned 28,807 shares in the company, valued at $6,433,179.24. This trade represents a 4.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, September 24th, Steven Broz sold 1,225 shares of Progressive stock. The stock was sold at an average price of $204.29, for a total value of $250,255.25.
• 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 value of $268,765.00.

Progressive Price Performance

PGR stock opened at $225.52 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.31. The company’s fifty day moving average price is $217.17 and its 200-day moving average price is $209.13. The Progressive Corporation has a one year low of $189.20 and a one year high of $239.38. The company has a market capitalization of $131.11 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 2.74 and a beta of 0.25.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid a $0.10 dividend. The ex-dividend date was Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is presently 2.01%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PGR shares. William Blair restated a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Barclays boosted their target price on Progressive from $246.00 to $247.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Jefferies Financial Group reissued a “hold” rating and set a $228.00 price target (up from $213.00) on shares of Progressive in a research note on Wednesday, August 19th. UBS Group restated a “neutral” rating and set a $238.00 price target on shares of Progressive in a report on Monday, October 19th. Finally, Weiss Ratings upgraded Progressive from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Nine equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average target price of $234.45.

Institutional Trading of Progressive

A number of large investors have recently made changes to their positions in PGR. Bogart Wealth LLC increased its holdings in Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after buying an additional 87 shares during the period. IMG Wealth Management Inc. bought a new position in Progressive in the second quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new stake in Progressive during the second quarter worth $26,000. Kilter Group LLC purchased a new stake in Progressive during the second quarter worth $27,000. Finally, Latitude Advisors LLC bought a new stake in Progressive during the 3rd quarter valued at $27,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Company Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.