Insider Selling: Progressive (NYSE:PGR) Insider Sells 6,232 Shares of Stock

Key Points

• Insider Patrick Callahan sold 6,232 shares of Progressive stock at an average price of $249.96, totaling approximately $1.56 million, reducing his holdings by 22.38%.
• Progressive reported earnings per share of $4.88 for the last quarter, beating estimates, and had a revenue of $20.08 billion, marking a 12.1% increase year-over-year.
• The company declared a quarterly dividend of $0.10, with an annualized yield of 0.2%, to be paid on October 10th.

The Progressive Corporation (NYSE:PGR - Get Free Report) insider Patrick Callahan sold 6,232 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $249.96, for a total value of $1,557,750.72. Following the sale, the insider owned 21,612 shares in the company, valued at approximately $5,402,135.52. The trade was a 22.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Progressive Stock Performance

Shares of PGR traded down $4.61 during mid-day trading on Monday, hitting $244.60. The company's stock had a trading volume of 1,064,771 shares, compared to its average volume of 3,233,240. The Progressive Corporation has a one year low of $228.54 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.31 and a current ratio of 0.31. The firm has a market capitalization of $143.39 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.45 and a beta of 0.33. The stock's 50-day moving average is $251.40 and its two-hundred day moving average is $266.54.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The insurance provider reported $4.88 earnings per share for the quarter, beating analysts' consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion during the quarter, compared to analyst estimates of $20.39 billion. Progressive had a net margin of 12.66% and a return on equity of 35.37%. Progressive's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.48 earnings per share. As a group, sell-side analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is presently 2.25%.

Hedge Funds Weigh In On Progressive

Hedge funds have recently modified their holdings of the business. Integrated Advisors Network LLC raised its stake in Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after buying an additional 36 shares in the last quarter. Rise Advisors LLC raised its holdings in Progressive by 7.4% in the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider's stock valued at $147,000 after acquiring an additional 36 shares during the last quarter. Pines Wealth Management LLC increased its holdings in shares of Progressive by 3.0% during the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after buying an additional 37 shares during the last quarter. Contravisory Investment Management Inc. boosted its position in Progressive by 2.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after purchasing an additional 38 shares during the period. Finally, Beacon Financial Group lifted its position in shares of Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after purchasing an additional 39 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PGR has been the topic of several recent research reports. Wells Fargo & Company lowered their price objective on Progressive from $330.00 to $327.00 and set an "overweight" rating on the stock in a research report on Thursday. Evercore ISI cut Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target on the stock. in a research report on Thursday, July 17th. Barclays dropped their target price on Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a research report on Tuesday, August 19th. Keefe, Bruyette & Woods reduced their price target on Progressive from $290.00 to $268.00 and set a "market perform" rating on the stock in a research note on Thursday, July 17th. Finally, BMO Capital Markets lowered their target price on Progressive from $281.00 to $279.00 and set an "outperform" rating on the stock in a report on Thursday. Nine analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $284.18.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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