The Progressive Co. (NYSE:PGR) Insider Steven Broz Sells 1,267 Shares

The Progressive Co. (NYSE:PGR - Get Free Report) insider Steven Broz sold 1,267 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the completion of the transaction, the insider now owns 28,888 shares in the company, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Progressive Stock Down 0.6%

Shares of NYSE PGR traded down $1.67 during trading on Wednesday, reaching $277.09. The company had a trading volume of 1,134,840 shares, compared to its average volume of 2,642,690. The stock has a market cap of $162.43 billion, a PE ratio of 19.24, a P/E/G ratio of 1.70 and a beta of 0.40. The business's 50-day moving average is $275.39 and its 200 day moving average is $263.17. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. As a group, equities analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. Progressive's dividend payout ratio is presently 2.70%.

Institutional Trading of Progressive

A number of hedge funds have recently bought and sold shares of the company. Webster Bank N. A. bought a new position in Progressive in the fourth quarter worth approximately $26,000. Highline Wealth Partners LLC raised its position in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after buying an additional 49 shares during the last quarter. TruNorth Capital Management LLC lifted its holdings in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider's stock worth $26,000 after buying an additional 63 shares in the last quarter. Hager Investment Management Services LLC bought a new stake in shares of Progressive in the fourth quarter worth about $28,000. Finally, Atlantic Edge Private Wealth Management LLC lifted its position in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after buying an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on PGR. Roth Mkm lifted their target price on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. UBS Group boosted their price target on shares of Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research report on Wednesday. Wells Fargo & Company lifted their target price on shares of Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Jefferies Financial Group lowered their price target on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Finally, Barclays increased their price objective on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research report on Friday, April 11th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Progressive currently has an average rating of "Moderate Buy" and an average price target of $288.59.

About Progressive

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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