Insider Selling: The Progressive Co. (NYSE:PGR) Insider Sells 962 Shares of Stock

The Progressive Co. (NYSE:PGR) insider Andrew J. Quigg sold 962 shares of Progressive stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $234,044.98. Following the sale, the insider now directly owns 34,787 shares in the company, valued at $8,463,329.23. The trade was a 2.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Progressive Trading Up 0.2 %

NYSE:PGR traded up $0.41 on Thursday, reaching $239.58. The company’s stock had a trading volume of 2,554,398 shares, compared to its average volume of 2,671,414. The Progressive Co. has a 1-year low of $175.50 and a 1-year high of $270.62. 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 firm has a market cap of $140.35 billion, a PE ratio of 17.41, a PEG ratio of 0.63 and a beta of 0.41. The business’s 50-day moving average price is $248.98 and its two-hundred day moving average price is $243.14.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. Progressive’s payout ratio is 2.91%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Geode Capital Management LLC boosted its position in shares of Progressive by 13.2% during the third quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after buying an additional 1,682,213 shares during the period. Jennison Associates LLC boosted its position in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after buying an additional 842,109 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Progressive by 75.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after buying an additional 641,943 shares during the period. International Assets Investment Management LLC boosted its position in shares of Progressive by 29,701.6% during the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after buying an additional 594,330 shares during the period. Finally, SG Americas Securities LLC boosted its position in shares of Progressive by 206.8% during the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after buying an additional 590,235 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PGR shares. TD Cowen lifted their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. lifted their price objective on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research report on Friday, January 3rd. Bank of America lifted their price objective on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Morgan Stanley cut their price objective on Progressive from $310.00 to $300.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price for the company. in a research report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $274.65.

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.