The Progressive Co. (NYSE:PGR) CEO Susan Patricia Griffith Sells 9,066 Shares

The Progressive Co. (NYSE:PGR) CEO Susan Patricia Griffith sold 9,066 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction 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. This represents a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Progressive Price Performance

Shares of PGR stock opened at $243.45 on Thursday. The firm has a market cap of $142.62 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 0.70 and a beta of 0.41. The Progressive Co. has a 12 month low of $164.16 and a 12 month high of $270.62. 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 stock has a 50-day moving average price of $251.47 and a 200 day moving average price of $240.95.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Research analysts expect that The Progressive Co. will post 13.2 EPS for the current year.

Progressive Announces Dividend

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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date is Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Analyst Ratings Changes

Several analysts recently commented on PGR shares. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Barclays reduced their target price on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research note on Monday. HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a report on Tuesday, December 10th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Roth Mkm lifted their target price on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $275.00.

Institutional Investors Weigh In On Progressive

Institutional investors have recently made changes to their positions in the stock. Farmers & Merchants Investments Inc. grew its position in shares of Progressive by 10.4% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 509 shares of the insurance provider’s stock worth $106,000 after buying an additional 48 shares during the period. Private Advisor Group LLC raised its holdings in Progressive by 1.6% in the second quarter. Private Advisor Group LLC now owns 10,782 shares of the insurance provider’s stock worth $2,240,000 after purchasing an additional 172 shares during the period. Savant Capital LLC boosted its position in shares of Progressive by 16.9% during the second quarter. Savant Capital LLC now owns 9,490 shares of the insurance provider’s stock worth $1,971,000 after purchasing an additional 1,369 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Progressive by 91.7% during the second quarter. Acadian Asset Management LLC now owns 667,956 shares of the insurance provider’s stock worth $138,721,000 after purchasing an additional 319,584 shares in the last quarter. Finally, Custom Index Systems LLC grew its holdings in shares of Progressive by 8.1% in the 2nd quarter. Custom Index Systems LLC now owns 2,330 shares of the insurance provider’s stock valued at $484,000 after buying an additional 175 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

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.