Andrew Quigg Sells 1,649 Shares of Progressive (NYSE:PGR) Stock

The Progressive Corporation (NYSE:PGR) insider Andrew Quigg sold 1,649 shares of the firm’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the sale, the insider owned 39,626 shares of the company’s stock, valued at $8,097,573.10. The trade was a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Progressive Stock Up 1.2%

PGR stock traded up $2.48 during trading hours on Thursday, hitting $205.48. The company’s stock had a trading volume of 2,379,754 shares, compared to its average volume of 3,701,438. The stock has a 50 day moving average price of $221.92 and a two-hundred day moving average price of $232.79. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 12 month low of $198.50 and a 12 month high of $292.99. The company has a market capitalization of $120.49 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 1.24 and a beta of 0.34.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were given a dividend of $0.10 per share. The ex-dividend date was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.19%.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Progressive from $250.00 to $252.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 6th. Evercore ISI cut their target price on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating on the stock in a research report on Wednesday, January 7th. Wells Fargo & Company dropped their price objective on Progressive from $242.00 to $240.00 and set an “equal weight” rating for the company in a report on Tuesday, January 13th. The Goldman Sachs Group set a $227.00 price target on shares of Progressive in a research report on Wednesday, January 7th. Finally, Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Seven research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $259.39.

Institutional Investors Weigh In On Progressive

Hedge funds and other institutional investors have recently made changes to their positions in the business. Davis Capital Management bought a new position in Progressive in the third quarter valued at approximately $25,000. Dagco Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at about $28,000. Atlantic Union Bankshares Corp bought a new position in Progressive during the 2nd quarter worth approximately $33,000. Howard Hughes Medical Institute bought a new position in Progressive during the second quarter worth $34,000. Finally, Ameriflex Group Inc. lifted its stake in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

About Progressive

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.