Insider Selling: Progressive (NYSE:PGR) CAO Sells 141 Shares of Stock

Key Points

• CAO Carl Joyce sold 141 shares on March 5 at an average price of $212 for about $29,892, cutting his position by 14.55% to 828 shares; the transaction was reported in an SEC Form 4 filing.
• Progressive shares traded down roughly 2.2% to $205.97 on the day with below-average volume, sitting beneath both the 50-day ($208.98) and 200-day ($223.78) moving averages; the company has a market cap of about $120.7 billion and a P/E of 10.7.
• Institutional investors own ~85.34% of the stock, with major recent increases from Norges Bank, Capital International and Wellington, while analysts' consensus is a Hold with an average price target of $245.50.

The Progressive Corporation (NYSE:PGR - Get Free Report) CAO Carl Joyce sold 141 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $29,892.00. Following the sale, the chief accounting officer directly owned 828 shares of the company's stock, valued at approximately $175,536. This trade represents a 14.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Progressive Trading Down 2.2%

Shares of Progressive stock traded down $4.63 during trading hours on Monday, hitting $205.97. The company's stock had a trading volume of 1,488,640 shares, compared to its average volume of 3,561,705. The business has a fifty day moving average of $208.98 and a 200 day moving average of $223.78. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $120.68 billion, a PE ratio of 10.71, a P/E/G ratio of 9.19 and a beta of 0.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Progressive in the second quarter worth $2,156,939,000. Capital International Investors boosted its stake in Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider's stock valued at $3,384,082,000 after acquiring an additional 6,045,732 shares during the last quarter. Wellington Management Group LLP grew its holdings in 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 acquiring an additional 4,197,212 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Progressive by 32.8% in the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider's stock worth $2,928,141,000 after purchasing an additional 2,709,417 shares during the last quarter. Finally, Capital Research Global Investors raised its stake in shares of 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. Hedge funds and other institutional investors own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PGR. Piper Sandler reissued an "overweight" rating and issued a $259.00 price objective on shares of Progressive in a research report on Monday, March 2nd. HSBC lowered Progressive from a "strong-buy" rating to a "hold" rating in a research note on Friday, January 16th. Jefferies Financial Group set a $216.00 price target on Progressive in a research report on Wednesday, February 11th. Keefe, Bruyette & Woods increased their price objective on shares of Progressive from $225.00 to $232.00 and gave the company a "market perform" rating in a research report on Thursday, February 19th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Progressive from $303.00 to $275.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $245.50.

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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