The Progressive Co. (NYSE:PGR) CEO Sells $2,194,878.60 in Stock

The Progressive Co. (NYSE:PGR) CEO Susan Patricia Griffith sold 9,066 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The shares were 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 directly owns 473,736 shares in the company, valued at approximately $114,691,485.60. This trade represents a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Progressive Price Performance

Shares of NYSE PGR opened at $243.45 on Thursday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $142.62 billion, a price-to-earnings ratio of 17.69, a price-to-earnings-growth ratio of 0.70 and a beta of 0.41. The Progressive Co. has a twelve month low of $164.16 and a twelve month high of $270.62. The business has a 50 day simple moving average of $251.47 and a 200-day simple moving average of $240.95.

Progressive (NYSE:PGR) last posted its 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. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, equities research analysts expect 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. 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 payout ratio is 2.91%.

Institutional Trading of Progressive

Large investors have recently modified their holdings of the company. Raleigh Capital Management Inc. lifted its holdings in shares of Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after buying an additional 41 shares during the last quarter. LRI Investments LLC raised its position in shares of Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after buying an additional 42 shares during the last quarter. Castleview Partners LLC increased its stake in Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after acquiring an additional 45 shares during the period. Washington Trust Bank raised its holdings in Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after acquiring an additional 45 shares in the last quarter. Finally, Sunbelt Securities Inc. lifted its position in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 46 shares during the period. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the subject of a number of research reports. Barclays decreased their price target on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research report on Monday. Keefe, Bruyette & Woods increased their target price on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research report on Thursday, December 26th. Finally, BMO Capital Markets reduced their target price on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $275.00.

Progressive Company Profile

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.