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

Key Points

• Progressive insider Steven Broz sold 1,225 shares at an average price of $223.32, generating $273,567. The transaction, conducted under a Rule 10b5-1 plan, reduced his holdings by 4.08% to 28,807 shares.
• Progressive shares recently traded at $228.78, up 0.3%, with a market capitalization of approximately $133 billion. The company also paid a quarterly dividend of $0.10 per share, representing a 0.2% yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $234.45; institutional investors own 85.34% of the company’s stock.

The Progressive Corporation (NYSE:PGR - Get Free Report) insider Steven Broz sold 1,225 shares of the business's stock in a transaction that occurred on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the sale, the insider owned 28,807 shares of the company's stock, valued at approximately $6,433,179.24. The trade was a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $250,255.25.
• On Thursday, August 20th, Steven Broz sold 1,225 shares of Progressive stock. The shares were sold at an average price of $219.40, for a total transaction of $268,765.00.

Progressive Trading Up 0.3%

Shares of NYSE PGR traded up $0.71 during trading on Monday, hitting $228.78. 943,749 shares of the company traded hands, compared to its average volume of 3,068,935. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $239.38. The company has a 50-day moving average price of $216.15 and a 200-day moving average price of $210.49. The firm has a market capitalization of $133.01 billion, a P/E ratio of 11.53, a P/E/G ratio of 2.74 and a beta of 0.25. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive's payout ratio is currently 2.01%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in Progressive in the second quarter valued at about $10,496,271,000. Bank of America Corp DE bought a new position in Progressive during the 2nd quarter worth approximately $2,682,342,000. GQG Partners LLC bought a new position in Progressive during the 2nd quarter worth approximately $1,538,570,000. Deutsche Bank AG acquired a new position in shares of Progressive in the 2nd quarter worth approximately $1,098,838,000. Finally, Jupiter Topco LLC bought a new stake in shares of Progressive in the 2nd quarter valued at approximately $935,172,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PGR. Weiss Ratings raised shares of Progressive from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. William Blair restated a "market perform" rating on shares of Progressive in a report on Wednesday, July 15th. Bank of America increased their price target on Progressive from $302.00 to $314.00 in a report on Thursday, October 1st. UBS Group reissued a "neutral" rating and issued a $238.00 price objective on shares of Progressive in a research report on Monday, October 19th. Finally, JPMorgan Chase & Co. increased their target price on Progressive from $241.00 to $250.00 and gave the company a "neutral" rating in a research note on Monday, October 5th. Nine investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $234.45.

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.

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