Progressive (NYSE:PGR) Insider Steven Broz Sells 1,157 Shares

Key Points

• Progressive insider Steven Broz sold 1,157 shares on June 22 at an average price of $204.76, totaling about $236,907. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and Broz’s holdings fell 4.04% to 27,511 shares.
• The stock rose in Tuesday trading, up $7.25 to $214.63, with shares still trading below the 52-week high of $267.92. Progressive has a market cap of about $125.4 billion and a low beta of 0.28, indicating relatively muted volatility.
• Progressive beat earnings estimates in its latest quarter, reporting $4.80 EPS versus the $4.67 consensus, though revenue of $22.19 billion came in below expectations. The company also declared a quarterly dividend of $0.10 per share, yielding about 0.2% annually.

The Progressive Corporation (NYSE:PGR - Get Free Report) insider Steven Broz sold 1,157 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the transaction, the insider directly owned 27,511 shares of the company's stock, valued at $5,633,152.36. The trade was a 4.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 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 value of $231,400.00.

Progressive Price Performance

Shares of NYSE:PGR traded up $7.25 during trading on Tuesday, reaching $214.63. The stock had a trading volume of 1,121,750 shares, compared to its average volume of 3,234,866. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $267.92. The stock has a market cap of $125.42 billion, a PE ratio of 10.90, a PEG ratio of 6.31 and a beta of 0.28. The business has a fifty day moving average price of $200.16 and a 200-day moving average price of $206.94.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating the consensus estimate of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the prior year, the company earned $4.37 EPS. The firm's revenue was up 6.5% compared to the same quarter last year. On average, equities analysts forecast that The Progressive Corporation will post 16.82 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 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 of this dividend is Thursday, July 2nd. Progressive's dividend payout ratio (DPR) is currently 2.03%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Mizuho dropped their price objective on shares of Progressive from $235.00 to $223.00 and set a "neutral" rating for the company in a research note on Friday, March 20th. Piper Sandler reissued an "overweight" rating and issued a $259.00 target price on shares of Progressive in a research note on Monday, March 2nd. Weiss Ratings cut Progressive from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. Jefferies Financial Group cut their price target on Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a report on Tuesday, March 24th. Finally, BMO Capital Markets reiterated a "market perform" rating and set a $220.00 price target on shares of Progressive in a report on Wednesday, May 20th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $237.58.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Progressive by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider's stock worth $12,584,067,000 after acquiring an additional 593,612 shares in the last quarter. State Street Corp grew its position in Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock valued at $6,373,474,000 after acquiring an additional 78,374 shares in the last quarter. Capital International Investors increased its stake in Progressive by 8.9% during the fourth quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider's stock worth $3,398,123,000 after purchasing an additional 1,217,527 shares during the period. Capital Research Global Investors increased its stake in Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider's stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the period. Finally, GQG Partners LLC lifted its position in shares of Progressive by 11.7% during the fourth quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider's stock worth $2,375,706,000 after purchasing an additional 1,092,151 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

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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