John P. Sauerland Sells 10,000 Shares of The Progressive Corporation (NYSE:PGR) Stock

The Progressive Corporation (NYSE:PGR - Get Free Report) CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $263.79, for a total value of $2,637,900.00. Following the sale, the chief financial officer owned 228,024 shares in the company, valued at $60,150,450.96. The trade was a 4.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Progressive Stock Down 2.5%

PGR traded down $6.55 during trading on Wednesday, hitting $257.75. The company had a trading volume of 3,422,728 shares, compared to its average volume of 2,770,179. The company has a market capitalization of $151.10 billion, a PE ratio of 17.38, a PEG ratio of 1.62 and a beta of 0.37. 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 one year low of $207.50 and a one year high of $292.99. The firm's 50-day moving average price is $274.62 and its 200 day moving average price is $265.16.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. As a group, equities analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Friday, July 11th. Stockholders of record on Friday, July 4th will be given a $0.10 dividend. This represents a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's dividend payout ratio is presently 2.70%.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of research reports. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the company an "overweight" rating in a report on Monday, May 19th. JPMorgan Chase & Co. raised their price target on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a report on Tuesday, April 8th. Barclays increased their price objective on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a report on Friday, April 11th. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a report on Monday, April 28th. Finally, Wells Fargo & Company increased their price target on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $288.88.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Highline Wealth Partners LLC raised its holdings in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC grew its stake in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after buying an additional 63 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new position in Progressive during the fourth quarter worth $28,000. HWG Holdings LP bought a new stake in Progressive during the first quarter worth $28,000. Finally, Atala Financial Inc acquired a new stake in Progressive in the fourth quarter valued at $32,000. Institutional investors own 85.34% of the company's stock.

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.