Progressive (NYSE:PGR) CFO Andrew Quigg Sells 3,499 Shares of Stock

The Progressive Corporation (NYSE:PGR) CFO Andrew Quigg sold 3,499 shares of Progressive stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer owned 42,595 shares in the company, valued at $9,370,900. The trade was a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Price Performance

Shares of NYSE:PGR opened at $220.52 on Thursday. The business has a 50 day moving average price of $210.81 and a 200 day moving average price of $206.02. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The company has a market cap of $128.86 billion, a price-to-earnings ratio of 11.06, a PEG 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 Dividend Announcement

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

Hedge Funds Weigh In On Progressive

Hedge funds have recently made changes to their positions in the business. Bogart Wealth LLC increased its stake in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares during the period. Bard Associates Inc. acquired a new position in Progressive in the fourth quarter worth about $27,000. HHM Wealth Advisors LLC lifted its stake in Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the period. IFC & Insurance Marketing Inc. acquired a new stake in Progressive during the fourth quarter valued at approximately $29,000. Finally, Axiom Investment Management LLC acquired a new stake in Progressive during the first quarter valued at approximately $31,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PGR. Mizuho boosted their target price on shares of Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. BMO Capital Markets dropped their price objective on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. Finally, Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $190.00 to $210.00 in a research report on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus price target of $236.11.

Trending Headlines about Progressive

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

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.