Progressive (NYSE:PGR) CAO Carl Joyce Sells 270 Shares

The Progressive Corporation (NYSE:PGR) CAO Carl Joyce sold 270 shares of the stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares in the company, valued at $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Progressive Trading Down 0.1%

Shares of NYSE:PGR traded down $0.14 during trading hours on Monday, hitting $205.86. 1,656,341 shares of the company’s stock traded hands, compared to its average volume of 3,540,563. The firm has a market capitalization of $120.61 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 6.49 and a beta of 0.33. The business has a fifty day moving average price of $206.07 and a 200-day moving average price of $220.80. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $289.96. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is presently 2.08%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. JPMorgan Chase & Co. reduced their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 7th. Barclays set a $247.00 price target on shares of Progressive in a report on Wednesday. UBS Group raised their price target on shares of Progressive from $218.00 to $220.00 and gave the stock a “neutral” rating in a research note on Monday. Roth Mkm set a $235.00 price objective on shares of Progressive in a report on Thursday, February 19th. Finally, HSBC cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $239.83.

Institutional Trading of Progressive

Institutional investors and hedge funds have recently made changes to their positions in the company. Maia Wealth LLC increased its position in Progressive by 5.4% during the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock valued at $229,000 after purchasing an additional 44 shares during the period. Selective Wealth Management Inc. boosted its stake in shares of Progressive by 2.1% during the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock valued at $538,000 after purchasing an additional 45 shares in the last quarter. Liberty One Investment Management LLC increased its holdings in Progressive by 3.8% during the third quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider’s stock valued at $319,000 after buying an additional 47 shares during the period. True Wealth Design LLC increased its holdings in Progressive by 20.8% during the third quarter. True Wealth Design LLC now owns 279 shares of the insurance provider’s stock valued at $69,000 after buying an additional 48 shares during the period. Finally, Klingman & Associates LLC raised its stake in Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider’s stock worth $667,000 after buying an additional 48 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

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.