Susan Patricia Griffith Sells 45,000 Shares of The Progressive Co. (NYSE:PGR) Stock

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.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, October 7th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, October 6th. This represents a $0.40 annualized dividend and a dividend yield of 0.43%. The Progressive’s dividend payout ratio (DPR) is 5.35%.

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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Insider Buying and Selling by Quarter for The Progressive (NYSE:PGR)

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