Progressive (NYSE:PGR) Insider Sells $1,183,200.00 in Stock

The Progressive Corporation (NYSE:PGR) insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the transaction, the insider owned 41,290 shares of the company’s stock, valued at $8,258,000. This trade represents a 12.53% decrease in their position. The sale 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 Stock Down 1.2%

Shares of NYSE:PGR traded down $2.53 during trading hours on Monday, reaching $201.49. The stock had a trading volume of 939,864 shares, compared to its average volume of 3,213,677. The stock has a market capitalization of $117.74 billion, a price-to-earnings ratio of 10.24, a P/E/G ratio of 5.91 and a beta of 0.28. The firm’s 50 day moving average is $198.89 and its 200-day moving average is $208.75. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $278.71.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same quarter last year, the business posted $4.37 EPS. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. Research analysts predict that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is 2.03%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. Vanguard Group Inc. lifted 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 raised its stake in shares of Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after acquiring an additional 78,374 shares during the period. Capital International Investors boosted its position in Progressive by 8.9% during 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 during the period. Capital Research Global Investors increased its holdings in Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after purchasing an additional 2,314,864 shares in the last quarter. Finally, GQG Partners LLC lifted its stake in shares of Progressive by 11.7% during the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after purchasing an additional 1,092,151 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of several analyst reports. BMO Capital Markets reissued a “market perform” rating and set a $220.00 price target on shares of Progressive in a report on Wednesday, May 20th. Piper Sandler reiterated an “overweight” rating and set a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. Bank of America cut their target price on Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, May 20th. Roth Mkm set a $235.00 price target on Progressive in a research note on Thursday, February 19th. Finally, Zacks Research upgraded Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Six research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $238.11.

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.