Insider Selling: Progressive (NYSE:PGR) CEO Sells 37,338 Shares

Key Points

• Progressive CEO Susan Patricia Griffith sold 37,338 shares at an average price of $219.50, generating approximately $8.2 million. The transaction occurred under a pre-arranged Rule 10b5-1 trading plan, leaving her with 485,438 shares.
• Progressive shares traded up 0.3% to $221.21, while the insurer reported quarterly earnings of $5.67 per share, exceeding estimates by $1.03, and revenue of $23.61 billion, up 5% year over year.
• Analysts maintain a consensus “Hold” rating, with an average price target of $236.26. Progressive also declared a quarterly dividend of $0.10 per share, equivalent to a 0.2% yield.

The Progressive Corporation (NYSE:PGR - Get Free Report) CEO Susan Patricia Griffith sold 37,338 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total value of $8,195,691.00. Following the sale, the chief executive officer owned 485,438 shares of the company's stock, valued at approximately $106,553,641. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Susan Patricia Griffith also recently made the following trade(s):

• On Monday, July 27th, Susan Patricia Griffith sold 37,338 shares of Progressive stock. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98.

Progressive Trading Up 0.3%

Shares of PGR stock traded up $0.67 during trading hours on Wednesday, hitting $221.21. 748,237 shares of the company's stock traded hands, compared to its average volume of 3,128,232. The stock has a market cap of $128.61 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of 2.91 and a beta of 0.27. The stock's 50 day simple moving average is $217.50 and its 200 day simple moving average is $207.46. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $249.83.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company had revenue of $23.61 billion for the quarter, compared to analyst estimates of $19.49 billion. During the same period in the prior year, the firm posted $5.40 EPS. The company's quarterly revenue was up 5.0% on a year-over-year basis. On average, sell-side analysts anticipate that The Progressive Corporation will post 17.74 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, October 1st. Progressive's dividend payout ratio is 2.01%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Unique Wealth LLC increased its position in shares of Progressive by 4.3% during the second quarter. Unique Wealth LLC now owns 1,240 shares of the insurance provider's stock valued at $271,000 after buying an additional 51 shares during the period. Northwestern Mutual Investment Management Company LLC grew its stake in Progressive by 0.3% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock valued at $4,267,000 after acquiring an additional 52 shares in the last quarter. Phillips Wealth Planners LLC increased its holdings in Progressive by 2.8% during the 4th quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock worth $436,000 after acquiring an additional 52 shares during the period. Sumitomo Life Insurance Co. increased its holdings in Progressive by 1.2% during the 4th quarter. Sumitomo Life Insurance Co. now owns 4,307 shares of the insurance provider's stock worth $981,000 after acquiring an additional 52 shares during the period. Finally, Brown Miller Wealth Management LLC lifted its stake in Progressive by 2.4% in the 2nd quarter. Brown Miller Wealth Management LLC now owns 2,365 shares of the insurance provider's stock worth $517,000 after purchasing an additional 55 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PGR shares. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a report on Friday, May 22nd. Cantor Fitzgerald reduced their target price on shares of Progressive from $220.00 to $200.00 and set a "neutral" rating for the company in a research note on Monday, August 17th. The Goldman Sachs Group reiterated a "buy" rating and issued a $230.00 target price on shares of Progressive in a report on Wednesday, August 19th. Wells Fargo & Company raised their price target on shares of Progressive from $198.00 to $201.00 and gave the company an "underweight" rating in a research report on Thursday, August 20th. Finally, Morgan Stanley upgraded shares of Progressive from an "underweight" rating to an "equal weight" rating and boosted their price target for the stock from $190.00 to $210.00 in a report on Friday, July 24th. Seven equities 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 data from MarketBeat.com, Progressive currently has an average rating of "Hold" and an average price target of $236.26.

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.

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