Insider Selling: The Progressive Co. (NYSE:PGR) CAO Sells $135,271.50 in Stock

The Progressive Co. (NYSE:PGRGet Free Report) CAO Mariann Wojtkun Marshall sold 650 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the transaction, the chief accounting officer now owns 3,981 shares in the company, valued at approximately $828,485.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Progressive Stock Performance

Shares of PGR stock opened at $210.78 on Friday. The business’s 50-day moving average price is $209.43 and its 200-day moving average price is $191.46. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77. The firm has a market capitalization of $123.45 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 0.81 and a beta of 0.35. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32.

Progressive (NYSE:PGRGet Free Report) last posted its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 earnings per share. Equities research analysts forecast that The Progressive Co. will post 11.33 EPS for the current year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Wednesday, July 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PGR. Bank of America raised their price target on Progressive from $279.00 to $286.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. UBS Group raised their price objective on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. HSBC raised their price objective on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research note on Monday, April 1st. Finally, Morgan Stanley reduced their price objective on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a research note on Monday, June 10th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $216.81.

Read Our Latest Stock Analysis on PGR

Hedge Funds Weigh In On Progressive

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. HM Payson & Co. lifted its stake in shares of Progressive by 207.1% in the first quarter. HM Payson & Co. now owns 989 shares of the insurance provider’s stock worth $205,000 after acquiring an additional 667 shares during the period. American Trust bought a new stake in Progressive in the first quarter worth approximately $1,082,000. DekaBank Deutsche Girozentrale increased its holdings in Progressive by 5.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 703,819 shares of the insurance provider’s stock worth $144,451,000 after purchasing an additional 37,063 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in Progressive by 4.8% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 200,683 shares of the insurance provider’s stock worth $41,504,000 after purchasing an additional 9,130 shares in the last quarter. Finally, Cetera Advisors LLC increased its holdings in Progressive by 59.6% in the first quarter. Cetera Advisors LLC now owns 18,075 shares of the insurance provider’s stock worth $3,738,000 after purchasing an additional 6,752 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

About Progressive

(Get Free Report)

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.

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

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