The Progressive Co. (NYSE:PGR) CFO Sells $2,104,000.00 in Stock

The Progressive Co. (NYSE:PGR) CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $210.40, for a total value of $2,104,000.00. Following the transaction, the chief financial officer now directly owns 302,958 shares in the company, valued at approximately $63,742,363.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Progressive Trading Down 0.4 %

Shares of Progressive stock opened at $210.31 on Thursday. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $217.77. The company has a market capitalization of $123.18 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 0.80 and a beta of 0.35. The firm’s 50-day moving average price is $209.36 and its two-hundred day moving average price is $194.64.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same quarter last year, the business posted $0.65 EPS. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. On average, analysts forecast that The Progressive Co. will post 11.27 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be paid a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s payout ratio is 4.09%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PGR shares. JPMorgan Chase & Co. increased their price target on Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. The Goldman Sachs Group lifted their target price on shares of Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Jefferies Financial Group increased their price target on shares of Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a report on Monday, April 15th. Roth Mkm restated a “buy” rating and set a $235.00 price objective on shares of Progressive in a report on Wednesday, June 26th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $235.00 target price on shares of Progressive in a research report on Monday, June 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $216.81.

Institutional Trading of Progressive

Institutional investors and hedge funds have recently modified their holdings of the business. Trexquant Investment LP bought a new stake in shares of Progressive during the 3rd quarter valued at approximately $1,468,000. Schonfeld Strategic Advisors LLC increased its holdings in shares of Progressive by 10.3% during the third quarter. Schonfeld Strategic Advisors LLC now owns 88,227 shares of the insurance provider’s stock worth $12,290,000 after buying an additional 8,227 shares in the last quarter. Truist Financial Corp increased its holdings in shares of Progressive by 34.4% during the third quarter. Truist Financial Corp now owns 141,085 shares of the insurance provider’s stock worth $19,653,000 after buying an additional 36,080 shares in the last quarter. Ariel Investments LLC lifted its stake in shares of Progressive by 11.8% in the 3rd quarter. Ariel Investments LLC now owns 1,416 shares of the insurance provider’s stock valued at $197,000 after acquiring an additional 149 shares during the last quarter. Finally, 140 Summer Partners LP acquired a new stake in shares of Progressive during the 3rd quarter valued at $61,097,000. 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.