Insider Selling: Progressive (NYSE:PGR) Insider Sells 8,124 Shares of Stock

Key Points

• Progressive insider John Jo Murphy sold 8,124 shares at an average price of $212.70, generating approximately $1.73 million. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his ownership by 16.44%.
• Progressive shares rose 2.0% to $219.97, while the company maintains a quarterly dividend of $0.10 per share, equivalent to a 0.2% annual yield.
• Wall Street’s consensus rating remains “Hold,” with 15 Holds, five Buys and two Sells, and an average price target of $236.11.

The Progressive Corporation (NYSE:PGR - Get Free Report) insider John Jo Murphy sold 8,124 shares of the company's stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the transaction, the insider owned 41,291 shares in the company, valued at $8,782,595.70. The trade was a 16.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

John Jo Murphy also recently made the following trade(s):

• On Friday, June 5th, John Jo Murphy sold 5,916 shares of Progressive stock. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00.

Progressive Stock Up 2.0%

Shares of NYSE PGR traded up $4.21 during midday trading on Tuesday, reaching $219.97. 2,478,632 shares of the company's stock traded hands, compared to its average volume of 3,294,427. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The stock's 50 day simple moving average is $210.11 and its 200-day simple moving average is $205.89. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The company has a market cap of $128.54 billion, a price-to-earnings ratio of 11.03, a P/E/G ratio of 2.88 and a beta of 0.26.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive's payout ratio is presently 2.01%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. HSBC raised their target price on Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a research note on Monday, July 6th. Evercore set a $240.00 price objective on Progressive in a report on Friday, July 10th. William Blair restated a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods dropped their target price on Progressive from $231.00 to $226.00 and set a "market perform" rating on the stock in a research report on Thursday, July 16th. Finally, Morgan Stanley upgraded shares of Progressive from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $190.00 to $210.00 in a report on Friday. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $236.11.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Bard Associates Inc. purchased a new stake in Progressive in the 4th quarter worth approximately $27,000. Bogart Wealth LLC increased its holdings in shares of Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after purchasing an additional 87 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive in the 4th quarter valued at $29,000. HHM Wealth Advisors LLC lifted its stake in shares of Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 126 shares during the period. Finally, Acumen Wealth Advisors LLC purchased a new stake in Progressive during the fourth quarter worth $33,000. 85.34% of the stock is owned by institutional investors and hedge funds.

About Progressive

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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