Susan Patricia Griffith Sells 37,338 Shares of Progressive (NYSE:PGR) Stock

Key Points

• Progressive CEO Susan Patricia Griffith sold 37,338 shares for approximately $7.94 million at an average price of $212.71, reducing her stake by 6.67% to 522,776 shares. The sale was conducted under a pre-arranged Rule 10b5-1 trading plan.
• Progressive shares rose 2.0% to $219.97, with the company valued at roughly $128.54 billion. The insurer recently paid a quarterly dividend of $0.10 per share, representing a 0.2% annualized yield.
• Wall Street’s consensus rating remains “Hold”, with 15 analysts rating the stock Hold, five Buy, and two Sell; the average price target is $236.11.

The Progressive Corporation (NYSE:PGR - Get Free Report) CEO Susan Patricia Griffith sold 37,338 shares of the company's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the completion of the transaction, the chief executive officer owned 522,776 shares of the company's stock, valued at $111,199,682.96. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Stock Up 2.0%

Shares of NYSE:PGR traded up $4.21 during midday trading on Tuesday, reaching $219.97. 2,478,632 shares of the company were exchanged, compared to its average volume of 3,294,427. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. 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 stock has a fifty day simple moving average of $210.11 and a two-hundred day simple moving average of $205.89. The firm has a market cap of $128.54 billion, a PE ratio of 11.03, a P/E/G ratio of 2.88 and a beta of 0.26.

Progressive Announces Dividend

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

Institutional Trading of Progressive

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bogart Wealth LLC increased its position in shares of Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after purchasing an additional 87 shares during the last quarter. Bard Associates Inc. bought a new position in shares of Progressive in the fourth quarter valued at $27,000. HHM Wealth Advisors LLC grew its stake in shares of Progressive by 700.0% in the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock valued at $29,000 after buying an additional 126 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new position in Progressive during the fourth quarter worth $29,000. Finally, Axiom Investment Management LLC acquired a new position in Progressive during the first quarter worth $31,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the subject of a number of research reports. Keefe, Bruyette & Woods decreased their price objective on Progressive from $231.00 to $226.00 and set a "market perform" rating for the company in a report on Thursday, July 16th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $250.00 price target on shares of Progressive in a research report on Tuesday, July 14th. Wells Fargo & Company decreased their price target on shares of Progressive from $205.00 to $198.00 and set an "underweight" rating for the company in a research note on Thursday, July 16th. Royal Bank Of Canada set a $208.00 price objective on shares of Progressive in a report on Friday, May 22nd. Finally, William Blair reissued a "market perform" rating on shares of Progressive in a research report on Wednesday, July 15th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Progressive presently has an average rating of "Hold" and an average target price of $236.11.

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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