Progressive (NYSE:PGR) CEO Sells $7,942,165.98 in Stock

The Progressive Corporation (NYSE:PGR) CEO Susan Patricia Griffith sold 37,338 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the transaction, the chief executive officer directly owned 522,776 shares in the company, valued at $111,199,682.96. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Stock Down 3.1%

Shares of PGR opened at $213.09 on Friday. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $254.93. The company has a market capitalization of $124.52 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 2.96 and a beta of 0.26. The stock has a fifty day simple moving average of $211.09 and a two-hundred day simple moving average of $206.01. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24.

Progressive Announces Dividend

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

Hedge Funds Weigh In On Progressive

Large investors have recently made changes to their positions in the stock. Bard Associates Inc. acquired a new position in Progressive during the fourth quarter worth $27,000. Bogart Wealth LLC grew 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 valued at $25,000 after buying an additional 87 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new stake in shares of Progressive in the fourth quarter valued at $29,000. HHM Wealth Advisors LLC raised its holdings in shares of Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock valued at $29,000 after buying an additional 126 shares during the period. Finally, Acumen Wealth Advisors LLC acquired a new position in Progressive during the 4th quarter worth about $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PGR. William Blair reissued a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. HSBC upped their price objective on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a report on Monday, July 6th. Wells Fargo & Company cut their target price on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research note on Thursday, July 16th. Bank of America reduced their target price on Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Finally, BMO Capital Markets decreased their price target on Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research note on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $236.11.

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.