Insider Selling: The Progressive Co. (NYSE:PGR) CAO Sells 191 Shares of Stock

The Progressive Co. (NYSE:PGR) CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This represents a 4.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Progressive Stock Down 1.1 %

Shares of Progressive stock traded down $2.67 during trading on Monday, hitting $239.55. The company’s stock had a trading volume of 2,126,756 shares, compared to its average volume of 2,226,707. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a fifty day simple moving average of $251.55 and a two-hundred day simple moving average of $240.50. The company has a market capitalization of $140.33 billion, a PE ratio of 17.41, a P/E/G ratio of 0.70 and a beta of 0.41. The Progressive Co. has a 52 week low of $162.35 and a 52 week high of $270.62.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities research analysts predict that The Progressive Co. will post 13.2 earnings per share for the current year.

Progressive Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PGR. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Jefferies Financial Group upped their price objective on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. BMO Capital Markets dropped their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. The Goldman Sachs Group increased their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Evercore ISI increased their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $275.00.

Institutional Trading of Progressive

A number of institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp boosted its holdings in shares of Progressive by 1.3% during the 3rd quarter. State Street Corp now owns 24,683,807 shares of the insurance provider’s stock valued at $6,263,763,000 after acquiring an additional 315,411 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Progressive by 13.2% during the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock valued at $3,652,235,000 after acquiring an additional 1,682,213 shares during the last quarter. FMR LLC boosted its holdings in shares of Progressive by 1.6% during the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after acquiring an additional 170,618 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Progressive by 7.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after acquiring an additional 330,667 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after acquiring an additional 92,212 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

About Progressive

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.