Steven Broz Sells 1,344 Shares of Progressive (NYSE:PGR) Stock

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the transaction, the insider directly owned 26,354 shares in the company, valued at $5,924,379.20. This trade represents a 4.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Steven Broz also recently made the following trade(s):

• On Friday, November 21st, Steven Broz sold 1,345 shares of Progressive stock. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05.
• On Tuesday, November 11th, Steven Broz sold 1,345 shares of Progressive stock. The shares were sold at an average price of $220.00, for a total transaction of $295,900.00.

Progressive Trading Up 1.0%

PGR traded up $2.34 during trading on Monday, reaching $226.62. 1,216,964 shares of the company’s stock were exchanged, compared to its average volume of 3,267,291. The company’s fifty day moving average price is $222.77 and its 200-day moving average price is $240.54. The firm has a market capitalization of $132.89 billion, a PE ratio of 12.43, a P/E/G ratio of 1.26 and a beta of 0.36. The Progressive Corporation has a fifty-two week low of $199.90 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter in the prior year, the business earned $3.58 earnings per share. As a group, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is 2.19%.

Hedge Funds Weigh In On Progressive

A number of large investors have recently bought and sold shares of the company. Davis Capital Management acquired a new stake in Progressive in the 3rd quarter valued at about $25,000. Ameriflex Group Inc. raised its stake in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares during the period. Atlantic Union Bankshares Corp bought a new position in shares of Progressive during the 2nd quarter worth approximately $33,000. Westside Investment Management Inc. increased its holdings in shares of Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares during the last quarter. Finally, Howard Hughes Medical Institute acquired a new position in shares of Progressive during the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on PGR shares. Mizuho assumed coverage on shares of Progressive in a report on Monday, December 15th. They issued a “neutral” rating and a $242.00 target price on the stock. Raymond James Financial dropped their price objective on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a report on Monday, December 15th. William Blair downgraded Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Progressive in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $264.68.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.