Progressive Corp (NYSE:PGR) was the target of a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 4,794,500 shares, a drop of 9.3% from the July 31st total of 5,288,400 shares. Based on an average trading volume of 2,650,000 shares, the days-to-cover ratio is presently 1.8 days. Currently, 0.8% of the shares of the company are sold short.
In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $77.58, for a total value of $930,960.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 22,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the completion of the transaction, the chief executive officer now directly owns 352,795 shares in the company, valued at $26,978,233.65. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,500 shares of company stock worth $3,624,855. 0.39% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in PGR. Vanguard Group Inc. grew its position in Progressive by 1.3% during the second quarter. Vanguard Group Inc. now owns 47,282,236 shares of the insurance provider’s stock valued at $3,779,270,000 after acquiring an additional 608,886 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Progressive by 0.9% during the second quarter. BlackRock Inc. now owns 41,763,992 shares of the insurance provider’s stock valued at $3,338,197,000 after purchasing an additional 373,372 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Progressive by 0.7% during the first quarter. JPMorgan Chase & Co. now owns 10,367,630 shares of the insurance provider’s stock valued at $747,404,000 after purchasing an additional 72,786 shares during the period. Geode Capital Management LLC boosted its stake in shares of Progressive by 7.4% during the fourth quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock valued at $450,389,000 after purchasing an additional 515,706 shares during the period. Finally, Amundi Pioneer Asset Management Inc. boosted its stake in shares of Progressive by 45.2% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 7,422,571 shares of the insurance provider’s stock valued at $593,288,000 after purchasing an additional 2,309,945 shares during the period. 79.87% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:PGR traded down $4.30 during midday trading on Friday, reaching $72.68. The company had a trading volume of 12,418,863 shares, compared to its average volume of 2,093,329. The company’s 50 day moving average price is $77.86 and its 200 day moving average price is $77.29. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.34. The stock has a market cap of $45.01 billion, a P/E ratio of 16.44, a P/E/G ratio of 1.94 and a beta of 0.68. Progressive has a 52-week low of $56.71 and a 52-week high of $84.96.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.43 by $0.23. The company had revenue of $9.13 billion for the quarter, compared to the consensus estimate of $9.13 billion. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.19 EPS. Research analysts forecast that Progressive will post 5.42 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.55%. The ex-dividend date is Friday, October 4th. Progressive’s dividend payout ratio (DPR) is presently 9.05%.
Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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