The Progressive Co. (NYSE:PGR) CEO Susan Patricia Griffith sold 45,000 shares of The Progressive stock in a transaction on Friday, September 17th. The stock was sold at an average price of $92.60, for a total value of $4,167,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of NYSE:PGR traded up $0.02 during trading on Tuesday, hitting $92.23. 116,580 shares of the company’s stock were exchanged, compared to its average volume of 2,828,562. The business’s 50-day simple moving average is $95.47 and its 200 day simple moving average is $96.83. The company has a market cap of $53.97 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 3.51 and a beta of 0.46. The Progressive Co. has a 52-week low of $84.89 and a 52-week high of $107.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.35 and a quick ratio of 0.35.
The Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, August 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.36). The Progressive had a net margin of 12.00% and a return on equity of 23.52%. On average, sell-side analysts anticipate that The Progressive Co. will post 4.42 EPS for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Jarislowsky Fraser Ltd lifted its stake in shares of The Progressive by 9,885.7% in the 2nd quarter. Jarislowsky Fraser Ltd now owns 314,749 shares of the insurance provider’s stock valued at $30,911,000 after purchasing an additional 311,597 shares during the last quarter. Forsta AP Fonden grew its holdings in The Progressive by 9.3% during the 1st quarter. Forsta AP Fonden now owns 173,200 shares of the insurance provider’s stock valued at $16,560,000 after purchasing an additional 14,700 shares during the last quarter. Marathon Asset Management LLP raised its position in The Progressive by 110.6% in the 2nd quarter. Marathon Asset Management LLP now owns 1,045,967 shares of the insurance provider’s stock worth $102,724,000 after purchasing an additional 549,349 shares during the period. Rowland & Co. Investment Counsel ADV lifted its stake in The Progressive by 0.7% in the first quarter. Rowland & Co. Investment Counsel ADV now owns 139,190 shares of the insurance provider’s stock worth $13,308,000 after purchasing an additional 1,020 shares during the last quarter. Finally, Vontobel Holding Ltd. boosted its position in shares of The Progressive by 115.4% during the first quarter. Vontobel Holding Ltd. now owns 24,638 shares of the insurance provider’s stock valued at $2,356,000 after buying an additional 13,201 shares during the period. Institutional investors own 82.14% of the company’s stock.
PGR has been the topic of a number of research analyst reports. Wells Fargo & Company restated a “sell” rating on shares of The Progressive in a research report on Thursday, June 17th. Raymond James lowered their price target on The Progressive from $115.00 to $105.00 and set an “outperform” rating on the stock in a report on Friday, July 16th. Wolfe Research initiated coverage on The Progressive in a research report on Monday, August 16th. They set an “underperform” rating and a $85.00 price objective for the company. Morgan Stanley lowered The Progressive from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $90.00 to $85.00 in a research note on Monday, June 7th. Finally, Evercore ISI cut their price target on The Progressive from $93.00 to $90.00 and set an “in-line” rating for the company in a report on Tuesday, August 17th. Six analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $95.21.
About The Progressive
Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.
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