The Progressive Co. (NYSE:PGR) CFO John P. Sauerland Sells 1,542 Shares

The Progressive Co. (NYSE:PGR) CFO John P. Sauerland sold 1,542 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $435,861.72. Following the completion of the sale, the chief financial officer now directly owns 268,024 shares in the company, valued at approximately $75,759,663.84. This trade represents a 0.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Progressive Price Performance

Shares of Progressive stock opened at $273.19 on Thursday. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $260.59 and its two-hundred day moving average price is $254.70. The stock has a market cap of $160.14 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, sell-side analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Progressive’s dividend payout ratio is presently 2.78%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PGR. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a report on Thursday, December 26th. BMO Capital Markets decreased their target price 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. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, Roth Mkm raised their target price on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $281.76.

Hedge Funds Weigh In On Progressive

A number of hedge funds have recently modified their holdings of the stock. Webster Bank N. A. acquired a new position in shares of Progressive in the 4th quarter valued at $26,000. Hager Investment Management Services LLC purchased a new stake in Progressive during the fourth quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC boosted its holdings in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares during the period. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive in the fourth quarter worth approximately $28,000. Finally, Valley National Advisers Inc. raised its holdings in shares of Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 120 shares during the period. 85.34% of the stock is currently 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.