Insider Selling: The Progressive Co. (NYSE:PGR) Insider Sells 3,975 Shares of Stock

The Progressive Co. (NYSE:PGR) insider Andrew J. Quigg sold 3,975 shares of Progressive stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $850,689.75. Following the transaction, the insider now directly owns 32,780 shares of the company’s stock, valued at $7,015,247.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Progressive Trading Down 0.3 %

PGR traded down $0.66 during trading on Wednesday, hitting $215.24. The company’s stock had a trading volume of 1,577,630 shares, compared to its average volume of 2,597,647. The Progressive Co. has a twelve month low of $121.87 and a twelve month high of $229.00. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.30. The stock’s fifty day moving average price is $210.01 and its 200-day moving average price is $200.45. The firm has a market capitalization of $126.07 billion, a P/E ratio of 22.18, a PEG ratio of 0.76 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same period in the previous year, the firm earned $0.57 earnings per share. The company’s revenue was up 21.6% compared to the same quarter last year. Analysts anticipate that The Progressive Co. will post 12.02 EPS for the current year.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend was Wednesday, July 3rd. Progressive’s payout ratio is 4.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PGR shares. Morgan Stanley dropped their target price on Progressive from $256.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, June 10th. Citigroup dropped their target price on Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. JPMorgan Chase & Co. lifted their target price on Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. Roth Mkm reaffirmed a “buy” rating and issued a $235.00 price target on shares of Progressive in a research note on Wednesday, July 17th. Finally, BMO Capital Markets boosted their price target on Progressive from $235.00 to $239.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $222.94.

Hedge Funds Weigh In On Progressive

A number of institutional investors have recently modified their holdings of the company. City State Bank raised its position in shares of Progressive by 8.2% during the second quarter. City State Bank now owns 661 shares of the insurance provider’s stock worth $137,000 after purchasing an additional 50 shares during the period. GYL Financial Synergies LLC raised its position in Progressive by 4.0% in the 2nd quarter. GYL Financial Synergies LLC now owns 1,302 shares of the insurance provider’s stock valued at $270,000 after buying an additional 50 shares during the last quarter. First Citizens Bank & Trust Co. grew its stake in Progressive by 2.6% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 2,047 shares of the insurance provider’s stock valued at $425,000 after purchasing an additional 51 shares during the period. D.B. Root & Company LLC grew its stake in Progressive by 4.4% in the 2nd quarter. D.B. Root & Company LLC now owns 1,237 shares of the insurance provider’s stock valued at $257,000 after purchasing an additional 52 shares during the period. Finally, Dorsey & Whitney Trust CO LLC grew its stake in Progressive by 1.2% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 4,640 shares of the insurance provider’s stock valued at $960,000 after purchasing an additional 56 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

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.