Progressive (NYSE:PGR) Insider Sells 1,225 Shares of Company Stock

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,225 shares of Progressive stock in a transaction dated Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the transaction, the insider directly owned 28,807 shares of the company’s stock, valued at $6,433,179.24. This trade represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, September 24th, Steven Broz sold 1,225 shares of Progressive stock. The stock was sold at an average price of $204.29, for a total transaction of $250,255.25.
• On Thursday, August 20th, Steven Broz sold 1,225 shares of Progressive stock. The stock was sold at an average price of $219.40, for a total transaction of $268,765.00.

Progressive Stock Performance

Shares of NYSE:PGR traded up $0.71 during trading on Monday, hitting $228.78. 943,749 shares of the company traded hands, compared to its average volume of 3,068,935. The company has a quick ratio of 0.29, a current ratio of 0.31 and a debt-to-equity ratio of 0.24. The business’s fifty day moving average is $216.15 and its 200-day moving average is $210.49. The stock has a market capitalization of $133.01 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 2.74 and a beta of 0.25. The Progressive Corporation has a one year low of $189.20 and a one year high of $239.38.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date was Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is presently 2.01%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PGR. BlackRock Inc. bought a new position in Progressive in the 2nd quarter worth $10,496,271,000. Bank of America Corp DE acquired a new position in shares of Progressive during the 2nd quarter worth about $2,682,342,000. GQG Partners LLC acquired a new position in shares of Progressive during the 2nd quarter worth about $1,538,570,000. Deutsche Bank AG acquired a new stake in Progressive in the 2nd quarter valued at approximately $1,098,838,000. Finally, Jupiter Topco LLC acquired a new position in shares of Progressive during the second quarter worth approximately $935,172,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of analyst reports. HSBC reaffirmed a “hold” rating and issued a $216.00 price objective (down from $221.00) on shares of Progressive in a report on Wednesday, October 7th. Jefferies Financial Group reaffirmed a “hold” rating and set a $228.00 price target (up from $213.00) on shares of Progressive in a report on Wednesday, August 19th. Evercore set a $240.00 target price on shares of Progressive in a research report on Friday, July 10th. Mizuho cut their target price on Progressive from $236.00 to $230.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 16th. Finally, Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Nine investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus target price of $234.45.

About Progressive

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.