Insider Selling: Progressive (NYSE:PGR) CIO Sells 3,105 Shares of Stock

by · The Markets Daily

The Progressive Corporation (NYSE:PGR – Get Free Report) CIO Jonathan Bauer sold 3,105 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the sale, the executive owned 26,249 shares in the company, valued at $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Progressive Stock Up 1.2%

Shares of NYSE PGR traded up $2.48 during midday trading on Thursday, hitting $205.48. The company’s stock had a trading volume of 2,379,754 shares, compared to its average volume of 3,701,438. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market capitalization of $120.49 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 1.24 and a beta of 0.34. The business’s fifty day simple moving average is $221.92 and its two-hundred day simple moving average is $232.79. The Progressive Corporation has a 1 year low of $198.50 and a 1 year high of $292.99.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s dividend payout ratio (DPR) is currently 2.19%.

Institutional Trading of Progressive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Davis Capital Management acquired a new position in shares of Progressive in the 3rd quarter valued at $25,000. Dagco Inc. purchased a new stake in Progressive in the fourth quarter valued at $28,000. Atlantic Union Bankshares Corp acquired a new position in Progressive in the second quarter valued at $33,000. Howard Hughes Medical Institute acquired a new position in Progressive in the second quarter valued at $34,000. Finally, Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Barclays upgraded Progressive from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $257.00 to $265.00 in a research note on Thursday, January 8th. JPMorgan Chase & Co. cut their target price on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a research note on Monday, December 29th. Finally, The Goldman Sachs Group set a $227.00 price target on shares of Progressive in a report on Wednesday, January 7th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $259.39.

Check Out Our Latest Stock Analysis on Progressive

Progressive Company Profile

(Get Free Report)

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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