Progressive Corp (NYSE:PGR) was the recipient of some unusual options trading on Monday. Traders acquired 3,627 put options on the company. This is an increase of 3,258% compared to the typical daily volume of 108 put options.

Shares of PGR opened at $67.99 on Wednesday. The company has a market cap of $40.12 billion, a P/E ratio of 25.62, a price-to-earnings-growth ratio of 2.09 and a beta of 0.69. Progressive has a 12-month low of $45.43 and a 12-month high of $69.01. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.11. The company had revenue of $8.10 billion for the quarter, compared to the consensus estimate of $8.01 billion. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the company earned $0.63 EPS. equities analysts expect that Progressive will post 4.5 EPS for the current year.

A number of research firms have recently weighed in on PGR. Morgan Stanley lifted their price objective on Progressive from $64.00 to $68.00 and gave the company a “$60.39” rating in a research report on Wednesday, July 18th. Buckingham Research lifted their price objective on Progressive from $48.00 to $52.00 and gave the company an “underperform” rating in a research report on Thursday, May 17th. B. Riley lifted their price objective on Progressive from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Tuesday, August 7th. Wells Fargo & Co set a $64.00 price objective on Progressive and gave the company a “hold” rating in a research report on Tuesday, July 17th. Finally, Citigroup lifted their price objective on Progressive from $63.00 to $65.00 and gave the company a “neutral” rating in a research report on Thursday, August 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $62.36.

In other news, insider William M. Cody sold 50,000 shares of Progressive stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $66.90, for a total transaction of $3,345,000.00. Following the transaction, the insider now directly owns 116,838 shares of the company’s stock, valued at approximately $7,816,462.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Jo Murphy sold 7,503 shares of Progressive stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $60.28, for a total value of $452,280.84. Following the transaction, the insider now directly owns 41,722 shares in the company, valued at $2,515,002.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 106,103 shares of company stock worth $6,837,205. Insiders own 0.70% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of PGR. Massachusetts Financial Services Co. MA bought a new stake in Progressive during the 1st quarter valued at approximately $359,000. Chicago Equity Partners LLC increased its stake in Progressive by 6.3% in the 1st quarter. Chicago Equity Partners LLC now owns 68,575 shares of the insurance provider’s stock worth $4,178,000 after acquiring an additional 4,065 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in Progressive by 1.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 2,160,391 shares of the insurance provider’s stock worth $131,633,000 after acquiring an additional 38,834 shares during the last quarter. Montag A & Associates Inc. bought a new stake in Progressive in the 1st quarter worth approximately $806,000. Finally, ING Groep NV increased its stake in Progressive by 239.6% in the 1st quarter. ING Groep NV now owns 41,806 shares of the insurance provider’s stock worth $2,547,000 after acquiring an additional 29,496 shares during the last quarter. 80.24% of the stock is currently owned by institutional investors.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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