Progressive (NYSE:PGR) CFO Sells 3,499 Shares of Stock

Key Points

• Progressive CFO Andrew Quigg sold 3,499 shares at an average price of $220, receiving $769,780. The transaction occurred under a pre-arranged Rule 10b5-1 trading plan, leaving him with 42,595 shares.
• Progressive shares recently traded at $221.68, near their 50-day and 200-day moving averages, with a market capitalization of approximately $129.5 billion. The company pays a quarterly dividend of $0.10, for a 0.2% annualized yield.
• Analysts maintain a consensus “Hold” rating, with five Buy, 15 Hold and two Sell ratings and an average price target of $236.11. Institutional investors own approximately 85.34% of the company.

The Progressive Corporation (NYSE:PGR - Get Free Report) CFO Andrew Quigg sold 3,499 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares in the company, valued at $9,370,900. This represents a 7.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Price Performance

Shares of NYSE PGR traded up $2.16 during mid-day trading on Wednesday, reaching $221.68. The company had a trading volume of 989,814 shares, compared to its average volume of 3,276,255. The company has a 50-day moving average price of $210.45 and a two-hundred day moving average price of $205.97. The stock has a market cap of $129.54 billion, a PE ratio of 11.10, a P/E/G ratio of 2.91 and a beta of 0.26. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24.

Progressive Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Klingman & Associates LLC grew its stake in shares of Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock worth $667,000 after acquiring an additional 48 shares during the last quarter. Revisor Wealth Management LLC boosted its holdings in Progressive by 2.7% in the 4th quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock valued at $395,000 after purchasing an additional 50 shares during the period. Pines Wealth Management LLC grew its position in Progressive by 3.9% in the 4th quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock worth $319,000 after purchasing an additional 52 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in shares of Progressive by 0.3% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock worth $4,267,000 after purchasing an additional 52 shares during the period. Finally, Phillips Wealth Planners LLC raised its position in shares of Progressive by 2.8% during the fourth quarter. Phillips Wealth Planners LLC now owns 1,916 shares of the insurance provider's stock valued at $436,000 after buying an additional 52 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the subject of several recent analyst reports. HSBC raised their target price on Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a research report on Monday, July 6th. Evercore set a $240.00 target price on Progressive in a report on Friday, July 10th. Wells Fargo & Company decreased their price target on shares of Progressive from $205.00 to $198.00 and set an "underweight" rating for the company in a report on Thursday, July 16th. UBS Group lifted their target price on shares of Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $250.00 price target on shares of Progressive in a research note on Tuesday, July 14th. Five investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Progressive presently has a consensus rating of "Hold" and an average price target of $236.11.

Progressive Company Profile

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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