Progressive (NYSE:PGR) Insider Sells 1,225 Shares of Stock

Key Points

• Progressive insider Steven Broz sold 1,225 shares at an average price of $219.40, generating $268,765. The transaction was conducted under a pre-arranged Rule 10b5-1 plan, leaving him with 31,257 shares.
• Progressive reported quarterly earnings of $5.67 per share, beating estimates of $4.64, while revenue reached $23.61 billion and increased 5% year over year.
• Shares recently traded at $222.79, while analysts maintain a consensus “Hold” rating with an average price target of $236.05; institutional investors own 85.34% of the company.

The Progressive Corporation (NYSE:PGR - Get Free Report) insider Steven Broz sold 1,225 shares of the firm's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $219.40, for a total transaction of $268,765.00. Following the transaction, the insider directly owned 31,257 shares in the company, valued at $6,857,785.80. The trade was a 3.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Steven Broz also recently made the following trade(s):

• On Monday, June 22nd, Steven Broz sold 1,157 shares of Progressive stock. The stock was sold at an average price of $204.76, for a total transaction of $236,907.32.
• On Friday, June 5th, Steven Broz sold 1,157 shares of Progressive stock. The shares were sold at an average price of $200.00, for a total transaction of $231,400.00.

Progressive Price Performance

Shares of Progressive stock traded up $3.51 on Monday, hitting $222.79. 893,293 shares of the company traded hands, compared to its average volume of 3,196,443. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm's 50-day simple moving average is $215.53 and its 200 day simple moving average is $206.66. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $249.83. The company has a market cap of $129.52 billion, a P/E ratio of 11.17, a P/E/G ratio of 2.93 and a beta of 0.27.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The company had revenue of $23.61 billion during the quarter, compared to analyst estimates of $19.49 billion. During the same quarter in the previous year, the company posted $5.40 EPS. Progressive's revenue for the quarter was up 5.0% on a year-over-year basis. Analysts expect that The Progressive Corporation will post 17.71 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive's dividend payout ratio (DPR) is currently 2.01%.

Institutional Investors Weigh In On Progressive

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in Progressive by 23,059.4% during the second quarter. California State Teachers Retirement System now owns 199,767,282 shares of the insurance provider's stock worth $43,639,163,000 after acquiring an additional 198,904,705 shares during the last quarter. BlackRock Inc. purchased a new position in Progressive during the second quarter worth about $10,496,271,000. Bank of America Corp DE acquired a new stake in shares of Progressive during the second quarter valued at about $2,682,342,000. Norges Bank purchased a new stake in shares of Progressive in the 4th quarter valued at approximately $1,836,094,000. Finally, GQG Partners LLC purchased a new position in shares of Progressive during the 2nd quarter worth approximately $1,538,570,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. UBS Group upped their price target on Progressive from $220.00 to $230.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 30th. Evercore set a $240.00 target price on Progressive in a research report on Friday, July 10th. Wells Fargo & Company upped their price objective on Progressive from $198.00 to $201.00 and gave the company an "underweight" rating in a research report on Thursday. JPMorgan Chase & Co. decreased their price objective on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a research note on Tuesday, August 4th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Progressive in a research report on Monday, August 3rd. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Progressive presently has a consensus rating of "Hold" and a consensus target price of $236.05.

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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