Progressive (NYSE:PGR) Insider Sells $556,230.04 in Stock

Key Points

• John Jo Murphy, an insider at Progressive Corporation, sold 2,218 shares for a total of $556,230.04 on August 22nd, reducing his ownership by 4.63%.
• Progressive's stock is currently trading at $244.60, down 1.8%, with a market capitalization of $143.39 billion and a P/E ratio of 13.79.
• The company recently declared a quarterly dividend of $0.10 per share, reflecting a 0.2% dividend yield and a payout ratio of 2.25%.

The Progressive Corporation (NYSE:PGR - Get Free Report) insider John Jo Murphy sold 2,218 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $250.78, for a total transaction of $556,230.04. Following the completion of the transaction, the insider directly owned 45,724 shares of the company's stock, valued at approximately $11,466,664.72. The trade was a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

John Jo Murphy also recently made the following trade(s):

• On Monday, July 28th, John Jo Murphy sold 2,218 shares of Progressive stock. The shares were sold at an average price of $249.24, for a total transaction of $552,814.32.
• On Friday, June 20th, John Jo Murphy sold 4,000 shares of Progressive stock. The shares were sold at an average price of $260.38, for a total transaction of $1,041,520.00.

Progressive Stock Down 1.8%

NYSE:PGR traded down $4.61 on Monday, reaching $244.60. The stock had a trading volume of 1,064,771 shares, compared to its average volume of 3,233,240. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.21. The company has a 50-day moving average of $251.40 and a 200 day moving average of $266.54. The stock has a market cap of $143.39 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 1.45 and a beta of 0.33. The Progressive Corporation has a 12-month low of $228.54 and a 12-month high of $292.99.

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

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Thursday, October 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive's payout ratio is 2.25%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. Jefferies Financial Group dropped their price objective on shares of Progressive from $309.00 to $287.00 and set a "buy" rating on the stock in a research note on Monday, August 11th. Barclays decreased their price objective on shares of Progressive from $287.00 to $281.00 and set an "equal weight" rating for the company in a report on Tuesday, August 19th. Bank of America reduced their target price on shares of Progressive from $337.00 to $336.00 and set a "buy" rating for the company in a report on Thursday, July 17th. Cantor Fitzgerald raised shares of Progressive to a "hold" rating in a research note on Wednesday, August 13th. Finally, Morgan Stanley lifted their target price on shares of Progressive from $265.00 to $267.00 and gave the company an "equal weight" rating in a research note on Friday. Nine investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Progressive currently has a consensus rating of "Moderate Buy" and a consensus target price of $284.18.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Highline Wealth Partners LLC grew its stake in shares of Progressive by 114.0% in the 1st 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 during the period. TruNorth Capital Management LLC grew its stake in shares of Progressive by 210.0% in the 1st 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 during the period. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive in the 4th quarter valued at approximately $28,000. HWG Holdings LP acquired a new position in Progressive in the first quarter valued at about $28,000. Finally, Garde Capital Inc. acquired a new position in Progressive in the first quarter valued at about $33,000. Institutional investors own 85.34% of the company's stock.

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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