The Progressive Co. (NYSE:PGR) CEO Sells $2,194,878.60 in Stock

by · The Markets Daily

The Progressive Co. (NYSE:PGR – Get Free Report) CEO Susan Patricia Griffith sold 9,066 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60. Following the transaction, the chief executive officer now owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. The trade was a 1.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Progressive Price Performance

PGR opened at $242.13 on Wednesday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The business has a fifty day moving average of $251.46 and a 200 day moving average of $240.94. The Progressive Co. has a 52-week low of $162.35 and a 52-week high of $270.62. The stock has a market cap of $141.84 billion, a P/E ratio of 17.60, a PEG ratio of 0.70 and a beta of 0.41.

Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $18.95 billion. As a group, sell-side analysts anticipate that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. The ex-dividend date is Friday, January 10th. Progressive’s dividend payout ratio is presently 2.91%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PGR. Davis Capital Management bought a new stake in Progressive during the 3rd quarter valued at $25,000. DiNuzzo Private Wealth Inc. raised its holdings in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares in the last quarter. Kimelman & Baird LLC purchased a new stake in Progressive in the second quarter worth about $36,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Progressive during the 3rd quarter worth about $49,000. Finally, Friedenthal Financial purchased a new position in Progressive during the 3rd quarter valued at about $49,000. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on PGR. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. BMO Capital Markets decreased their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Finally, Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.00.

Check Out Our Latest Analysis on Progressive

Progressive Company Profile

(Get Free Report)

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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