Progressive (NYSE:PGR) CIO Sells 2,242 Shares of Stock

Key Points

• Progressive CIO Jonathan Bauer sold 2,242 shares at an average price of $212.71, totaling approximately $476,896. The transaction was made under a pre-arranged Rule 10b5-1 trading plan, leaving him with 26,250 shares.
• Progressive shares recently traded at $219.97, with a market capitalization of about $128.5 billion. The company also paid a quarterly dividend of $0.10 per share, equivalent to a 0.2% annualized yield.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from 22 analysts and an average price target of $236.11; five analysts rate the stock Buy, 15 Hold, and two Sell.

The Progressive Corporation (NYSE:PGR - Get Free Report) CIO Jonathan Bauer sold 2,242 shares of Progressive stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.71, for a total value of $476,895.82. Following the completion of the transaction, the executive owned 26,250 shares in the company, valued at approximately $5,583,637.50. This represents a 7.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Price Performance

Shares of PGR stock traded up $4.21 on Tuesday, reaching $219.97. The company had a trading volume of 2,478,632 shares, compared to its average volume of 3,294,427. The stock has a market capitalization of $128.54 billion, a PE ratio of 11.03, a price-to-earnings-growth ratio of 2.88 and a beta of 0.26. 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 Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The business's 50-day moving average is $210.11 and its 200 day moving average is $205.89.

Progressive Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have weighed in on PGR. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $231.00 to $226.00 and set a "market perform" rating on the stock in a research report on Thursday, July 16th. Morgan Stanley raised Progressive from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $190.00 to $210.00 in a report on Friday. Wells Fargo & Company lowered their target price on Progressive from $205.00 to $198.00 and set an "underweight" rating for the company in a report on Thursday, July 16th. Royal Bank Of Canada set a $208.00 price target on Progressive in a research note on Friday, May 22nd. Finally, BMO Capital Markets lowered their price objective on Progressive from $220.00 to $205.00 and set a "market perform" rating for the company in a research note on Thursday, July 16th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $236.11.

Institutional Inflows and Outflows

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

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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