The Progressive Co. (NYSE:PGR) Insider Sells $775,320.00 in Stock

The Progressive Co. (NYSE:PGR) insider Steven Broz sold 2,982 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Steven Broz also recently made the following trade(s):

• On Monday, August 19th, Steven Broz sold 6,122 shares of Progressive stock. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18.

Progressive Price Performance

Progressive stock traded down $1.54 during trading hours on Tuesday, hitting $256.06. The stock had a trading volume of 543,912 shares, compared to its average volume of 2,520,181. The Progressive Co. has a 1-year low of $137.59 and a 1-year high of $260.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock’s fifty day moving average is $234.97 and its two-hundred day moving average is $217.84. The stock has a market capitalization of $149.97 billion, a price-to-earnings ratio of 26.37, a PEG ratio of 0.74 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.54 billion. During the same quarter last year, the business earned $0.57 earnings per share. Progressive’s revenue was up 21.6% compared to the same quarter last year. As a group, analysts predict that The Progressive Co. will post 12.7 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Morgan Stanley lifted their price target on Progressive from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Roth Mkm raised their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Keefe, Bruyette & Woods upped their price target on Progressive from $255.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday, September 3rd. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a report on Monday, August 12th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $257.18.

Hedge Funds Weigh In On Progressive

A number of large investors have recently bought and sold shares of the stock. Northwest Bank & Trust Co purchased a new position in shares of Progressive during the 4th quarter valued at approximately $25,000. WR Wealth Planners LLC raised its holdings in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO bought a new stake in shares of Progressive during the 1st quarter worth $32,000. Hilltop National Bank boosted its holdings in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the period. Finally, Register Financial Advisors LLC acquired a new position in Progressive in the 1st quarter worth approximately $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

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.