Progressive Corp (NYSE:PGR) Sees Significant Drop in Short Interest

Progressive Corp (NYSE:PGR) was the target of a significant drop in short interest during the month of November. As of November 29th, there was short interest totalling 4,620,000 shares, a drop of 19.5% from the November 14th total of 5,740,000 shares. Currently, 0.8% of the company’s shares are sold short. Based on an average daily volume of 3,610,000 shares, the short-interest ratio is presently 1.3 days.

PGR stock traded down $0.52 during trading on Friday, hitting $72.17. 3,136,901 shares of the company’s stock traded hands, compared to its average volume of 3,126,756. The firm has a market capitalization of $41.60 billion, a P/E ratio of 16.33, a PEG ratio of 1.82 and a beta of 0.66. The business has a fifty day simple moving average of $71.53 and a two-hundred day simple moving average of $76.74. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. Progressive has a 1 year low of $56.71 and a 1 year high of $84.96.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.03. Progressive had a net margin of 8.69% and a return on equity of 26.09%. On average, equities research analysts predict that Progressive will post 5.32 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Wednesday, January 8th 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 of this dividend is Tuesday, January 7th. Progressive’s payout ratio is 9.05%.

A number of equities analysts have recently commented on the stock. ValuEngine lowered shares of Progressive from a “hold” rating to a “sell” rating in a research report on Monday, November 25th. Barclays set a $90.00 target price on shares of Progressive and gave the stock a “buy” rating in a research report on Friday, September 13th. Credit Suisse Group reduced their target price on shares of Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Buckingham Research reduced their target price on shares of Progressive from $78.00 to $72.00 and set a “neutral” rating on the stock in a research report on Friday, December 6th. Finally, Raymond James set a $93.00 target price on shares of Progressive and gave the stock a “buy” rating in a research report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Progressive currently has an average rating of “Hold” and an average price target of $82.00.

In other news, CEO Susan Patricia Griffith sold 22,614 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $71.99, for a total transaction of $1,627,981.86. Following the transaction, the chief executive officer now directly owns 376,308 shares of the company’s stock, valued at $27,090,412.92. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $70.84, for a total transaction of $354,200.00. Following the transaction, the insider now directly owns 25,295 shares in the company, valued at $1,791,897.80. The disclosure for this sale can be found here. 0.39% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Nuveen Asset Management LLC grew its holdings in Progressive by 22,404.6% in the second quarter. Nuveen Asset Management LLC now owns 3,549,648 shares of the insurance provider’s stock worth $283,723,000 after purchasing an additional 3,533,875 shares during the last quarter. Invesco Ltd. grew its holdings in Progressive by 80.9% in the second quarter. Invesco Ltd. now owns 5,531,946 shares of the insurance provider’s stock worth $442,168,000 after purchasing an additional 2,474,735 shares during the last quarter. Amundi Pioneer Asset Management Inc. grew its holdings in Progressive by 45.2% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 7,422,571 shares of the insurance provider’s stock worth $593,288,000 after purchasing an additional 2,309,945 shares during the last quarter. MUFG Securities EMEA plc grew its holdings in Progressive by 317.9% in the second quarter. MUFG Securities EMEA plc now owns 1,520,000 shares of the insurance provider’s stock worth $121,494,000 after purchasing an additional 1,156,268 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Progressive by 1.3% in the second quarter. Vanguard Group Inc. now owns 47,282,236 shares of the insurance provider’s stock worth $3,779,270,000 after purchasing an additional 608,886 shares during the last quarter. 78.64% of the stock is currently owned by institutional investors.

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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