The Progressive Co. (NYSE:PGR) CFO Sells $2,680,900.00 in Stock

The Progressive Co. (NYSE:PGR) CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the transaction, the chief financial officer now directly owns 292,958 shares in the company, valued at approximately $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Progressive Price Performance

Shares of NYSE PGR opened at $262.61 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a fifty day moving average of $254.33 and a 200 day moving average of $234.43. The firm has a market cap of $153.84 billion, a PE ratio of 19.09, a PEG ratio of 0.73 and a beta of 0.38. The Progressive Co. has a one year low of $149.14 and a one year high of $270.62.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. As a group, research analysts predict that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Progressive

Several hedge funds and other institutional investors have recently made changes to their positions in PGR. State Street Corp raised its stake in Progressive by 1.3% in the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock valued at $6,263,763,000 after purchasing an additional 315,411 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after buying an additional 1,682,213 shares in the last quarter. FMR LLC raised its position in shares of Progressive by 1.6% in the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after buying an additional 170,618 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after buying an additional 330,667 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in Progressive by 1.9% during the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after acquiring an additional 92,212 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research analyst reports. Piper Sandler increased their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Evercore ISI boosted their target price on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. BMO Capital Markets cut their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Bank of America lifted their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Finally, Jefferies Financial Group raised their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

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.