Progressive (NYSE:PGR) Insider Sells $1,727,974.80 in Stock

The Progressive Corporation (NYSE:PGR) insider John Jo Murphy sold 8,124 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the sale, the insider owned 41,291 shares in the company, valued at $8,782,595.70. This trade represents a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

John Jo Murphy also recently made the following trade(s):

• On Friday, June 5th, John Jo Murphy sold 5,916 shares of Progressive stock. The shares were sold at an average price of $200.00, for a total value of $1,183,200.00.

Progressive Price Performance

NYSE PGR traded up $4.21 during trading hours on Tuesday, reaching $219.97. The company’s stock had a trading volume of 2,478,632 shares, compared to its average volume of 3,294,427. The firm has a market capitalization of $128.54 billion, a price-to-earnings ratio of 11.03, a P/E/G ratio of 2.88 and a beta of 0.26. The company’s 50-day moving average is $210.11 and its two-hundred day moving average is $205.89. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s dividend payout ratio is presently 2.01%.

Analysts Set New Price Targets

PGR has been the topic of a number of research analyst reports. Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $190.00 to $210.00 in a report on Friday. Bank of America dropped their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research note on Friday, May 22nd. Finally, HSBC upped their price target on shares of Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $236.11.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bogart Wealth LLC lifted its stake in shares of Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after buying an additional 87 shares in the last quarter. Bard Associates Inc. purchased a new position in Progressive in the 4th quarter worth approximately $27,000. HHM Wealth Advisors LLC boosted its holdings in shares of Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive during the 4th quarter worth approximately $29,000. Finally, Axiom Investment Management LLC purchased a new stake in shares of Progressive in the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

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.