Progressive (NYSE:PGR) CEO Susan Patricia Griffith Sells 30,659 Shares

Key Points

• Susan Patricia Griffith, CEO of Progressive, sold 30,659 shares at an average price of $246.06, totaling approximately $7.54 million, reducing her ownership stake by 6.05% to 476,286 shares.
• Progressive announced a quarterly dividend of $0.10 per share, with the payment scheduled for October 10th, representing an annual yield of 0.2% and a payout ratio of 2.25%.
• The company's recent earnings report showed an EPS of $4.88 for the quarter, surpassing analyst estimates by $0.45, while revenue increased by 12.1% year-over-year, though it fell short of expectations.

The Progressive Corporation (NYSE:PGR - Get Free Report) CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares of the company's stock, valued at $117,194,933.16. This represents a 6.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Susan Patricia Griffith also recently made the following trade(s):

• On Monday, July 28th, Susan Patricia Griffith sold 30,660 shares of Progressive stock. The shares were sold at an average price of $242.12, for a total value of $7,423,399.20.

Progressive Trading Up 0.4%

Shares of Progressive stock traded up $0.88 on Wednesday, reaching $246.74. The company had a trading volume of 1,438,847 shares, compared to its average volume of 3,211,561. The firm has a market cap of $144.64 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 1.44 and a beta of 0.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.31 and a quick ratio of 0.31. The firm's 50-day moving average price is $248.89 and its two-hundred day moving average price is $265.95. The Progressive Corporation has a 1 year low of $228.54 and a 1 year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $0.45. The firm had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.48 EPS. As a group, research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Thursday, October 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's payout ratio is presently 2.25%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Integrated Advisors Network LLC boosted its holdings in Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after purchasing an additional 36 shares in the last quarter. Rise Advisors LLC boosted 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 purchasing an additional 36 shares in the last quarter. Pines Wealth Management LLC boosted its holdings in Progressive by 3.0% in the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after purchasing an additional 37 shares in the last quarter. Contravisory Investment Management Inc. boosted its holdings in Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after purchasing an additional 38 shares in the last quarter. Finally, Beacon Financial Group boosted its holdings in Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after purchasing an additional 39 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on PGR. BMO Capital Markets decreased their target price on Progressive from $281.00 to $279.00 and set an "outperform" rating for the company in a research report on Thursday, August 21st. Wells Fargo & Company decreased their target price on Progressive from $330.00 to $327.00 and set an "overweight" rating for the company in a research report on Thursday, August 21st. UBS Group decreased their target price on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research report on Monday, July 21st. Evercore ISI lowered Progressive from an "outperform" rating to an "in-line" rating and set a $275.00 price target for the company. in a research report on Thursday, July 17th. Finally, Bank of America reduced their price target on Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a research report on Thursday, July 17th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average 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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