Progressive Corp (NYSE:PGR) Short Interest Update

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.



Several equities research analysts recently issued reports on PGR shares. Barclays lifted their price target on shares of Progressive from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, July 1st. ValuEngine lowered shares of Progressive from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $84.00 price target on the stock. in a report on Monday, May 27th. Janney Montgomery Scott began coverage on shares of Progressive in a research report on Thursday, June 20th. They set a “neutral” rating and a $59.00 target price on the stock. Finally, Wells Fargo & Co reiterated a “hold” rating and set a $81.00 target price on shares of Progressive in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Progressive presently has an average rating of “Buy” and a consensus target price of $84.08.

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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