Insider Selling: Progressive (NYSE:PGR) Insider Sells $1,727,974.80 in Stock

The Progressive Corporation (NYSE:PGR) insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares in the company, valued at $8,782,595.70. This trade represents a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

John Jo Murphy also recently made the following trade(s):

• On Friday, June 5th, John Jo Murphy sold 5,916 shares of Progressive stock. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00.

Progressive Stock Performance

NYSE PGR opened at $213.09 on Friday. The firm has a 50-day moving average price of $211.09 and a two-hundred day moving average price of $206.01. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93. The company has a market capitalization of $124.52 billion, a P/E ratio of 10.69, a P/E/G ratio of 2.96 and a beta of 0.26. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive’s payout ratio is presently 2.01%.

Wall Street Analyst Weigh In

A number of research firms have commented on PGR. BMO Capital Markets lowered their price objective on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. HSBC increased their target price on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, July 6th. Royal Bank Of Canada set a $208.00 price target on Progressive in a research report on Friday, May 22nd. Weiss Ratings downgraded Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Finally, William Blair reaffirmed a “market perform” rating on shares of Progressive in a research report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $236.11.

Institutional Investors Weigh In On Progressive

Several institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Norges Bank bought a new position in shares of Progressive in the 4th quarter valued at $1,836,094,000. Wellington Management Group LLP lifted its position in shares of Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after buying an additional 4,197,212 shares during the last quarter. Diamant Asset Management Inc. boosted its stake in Progressive by 19,724.0% in the first quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after buying an additional 4,048,351 shares in the last quarter. Life Cycle Investment Partners Ltd bought a new position in Progressive in the fourth quarter valued at about $353,906,000. Finally, Arrowstreet Capital Limited Partnership grew its position in Progressive by 193.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock valued at $502,519,000 after acquiring an additional 1,454,111 shares during the last quarter. 85.34% of the stock is currently owned by 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.