Insider Selling: Progressive (NYSE:PGR) Insider Sells 1,345 Shares of Stock

Key Points

• Insider Steven Broz sold 1,345 shares of Progressive stock for a total of $325,624.50, reducing his ownership by 4.24% and leaving him with 30,388 shares.
• Progressive recently reported a quarterly EPS of $4.88, surpassing analysts' expectations and indicating a revenue increase of 12.1% year-over-year.
• The company declared a quarterly dividend of $0.10, with an ex-dividend date set for October 2nd, resulting in an annualized yield of 0.2%.

The Progressive Corporation (NYSE:PGR - Get Free Report) insider Steven Broz sold 1,345 shares of the firm's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the transaction, the insider owned 30,388 shares of the company's stock, valued at $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, August 22nd, Steven Broz sold 1,345 shares of Progressive stock. The shares were sold at an average price of $250.78, for a total value of $337,299.10.
• On Friday, July 18th, Steven Broz sold 1,267 shares of Progressive stock. The shares were sold at an average price of $247.54, for a total value of $313,633.18.

Progressive Trading Down 0.4%

Progressive stock traded down $1.08 during midday trading on Monday, reaching $241.26. 2,316,539 shares of the stock traded hands, compared to its average volume of 2,545,675. The company has a 50-day simple moving average of $245.70 and a two-hundred day simple moving average of $262.95. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99. The firm has a market cap of $141.43 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 1.36 and a beta of 0.32. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21.

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, beating analysts' consensus estimates of $4.43 by $0.45. Progressive had a return on equity of 35.37% and a net margin of 12.66%.The company had revenue of $20.08 billion during the quarter, compared to analysts' expectations of $20.39 billion. During the same period last year, the business posted $2.48 EPS. Progressive's revenue for the quarter was up 12.1% on a year-over-year basis. Research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, October 2nd. Progressive's dividend payout ratio (DPR) is presently 2.25%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PGR. Keefe, Bruyette & Woods lifted their price objective on Progressive from $268.00 to $270.00 and gave the company a "market perform" rating in a research note on Thursday. Wells Fargo & Company reiterated an "equal weight" rating and issued a $265.00 price objective (down previously from $327.00) on shares of Progressive in a research note on Thursday. Wolfe Research began coverage on Progressive in a research note on Monday, September 15th. They issued a "peer perform" rating for the company. Jefferies Financial Group decreased their price objective on Progressive from $309.00 to $287.00 and set a "buy" rating for the company in a research note on Monday, August 11th. Finally, UBS Group decreased their price objective on Progressive from $280.00 to $268.00 and set a "neutral" rating for the company in a research note on Monday, July 21st. Six investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $279.31.

Hedge Funds Weigh In On Progressive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Highline Wealth Partners LLC boosted its holdings in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. TruNorth Capital Management LLC boosted its holdings in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 63 shares in the last quarter. HWG Holdings LP acquired a new position in Progressive in the first quarter valued at approximately $28,000. Garde Capital Inc. acquired a new position in Progressive during the first quarter worth approximately $33,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in shares of Progressive in the second quarter valued at approximately $33,000. 85.34% of the stock is owned by institutional investors and hedge funds.

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.