Karen Bailo Sells 3,517 Shares of Progressive (NYSE:PGR) Stock

Key Points

• Karen Bailo sold 3,517 shares of Progressive on March 5 at an average price of $212, totaling $745,604 and reducing her stake by 9.81% to 32,348 shares (about $6.86M).
• Progressive shares traded down roughly 2.2% to $205.97 on Monday with below-average volume; the 52-week range is $197.92–$292.99 and the 50/200-day moving averages are $208.98 and $223.78, respectively.
• Analysts show mixed views with a consensus "Hold" rating and a $245.50 consensus price target (7 Buys, 13 Holds, 1 Sell).

The Progressive Corporation (NYSE:PGR - Get Free Report) insider Karen Bailo sold 3,517 shares of the company's 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 $745,604.00. Following the completion of the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. This represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Progressive Trading Down 2.2%

Shares of NYSE PGR traded down $4.63 during trading on Monday, reaching $205.97. The stock had a trading volume of 1,488,640 shares, compared to its average volume of 3,561,705. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The company has a market cap of $120.68 billion, a P/E ratio of 10.71, a PEG ratio of 9.19 and a beta of 0.33. The Progressive Corporation has a fifty-two week low of $197.92 and a fifty-two week high of $292.99. The business's 50-day moving average price is $208.98 and its 200-day moving average price is $223.78.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PGR shares. Mizuho set a $240.00 price target on shares of Progressive in a research report on Wednesday, January 14th. Morgan Stanley dropped their price objective on shares of Progressive from $214.00 to $205.00 and set an "underweight" rating for the company in a report on Wednesday, January 28th. William Blair downgraded shares of Progressive from an "outperform" rating to a "market perform" rating in a research note on Thursday, December 18th. Evercore set a $230.00 target price on shares of Progressive in a report on Thursday, February 19th. Finally, Roth Mkm set a $235.00 price target on shares of Progressive in a research report on Thursday, February 19th. Seven research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Progressive has a consensus rating of "Hold" and a consensus price target of $245.50.

Institutional Trading of Progressive

Several institutional investors have recently modified their holdings of PGR. Davis Capital Management purchased a new stake in Progressive in the third quarter valued at $25,000. Bard Associates Inc. acquired a new stake in shares of Progressive during the fourth quarter worth about $27,000. Dagco Inc. acquired a new stake in shares of Progressive during the fourth quarter worth about $28,000. IFC & Insurance Marketing Inc. purchased a new stake in shares of Progressive in the 4th quarter valued at about $29,000. Finally, Ameriflex Group Inc. lifted its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

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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