Mariann Wojtkun Marshall Sells 650 Shares of The Progressive Co. (NYSE:PGR) Stock

The Progressive Co. (NYSE:PGR) CAO Mariann Wojtkun Marshall sold 650 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $208.11, for a total value of $135,271.50. Following the sale, the chief accounting officer now directly owns 3,981 shares of the company’s stock, valued at $828,485.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Progressive Price Performance

Progressive stock opened at $210.75 on Thursday. The Progressive Co. has a one year low of $111.41 and a one year high of $217.77. The business has a fifty day moving average price of $209.26 and a 200-day moving average price of $191.32. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The firm has a market capitalization of $123.44 billion, a P/E ratio of 21.57, a PEG ratio of 0.81 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. During the same period last year, the company earned $0.65 earnings per share. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, equities research analysts forecast that The Progressive Co. will post 11.33 EPS for the current year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s payout ratio is currently 4.09%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PGR. UBS Group increased their price target on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. JPMorgan Chase & Co. raised their target price on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Piper Sandler reissued an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. Jefferies Financial Group raised their target price on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Finally, Citigroup raised their target price on Progressive from $230.00 to $232.00 and gave the stock a “neutral” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $216.81.

Hedge Funds Weigh In On Progressive

A number of large investors have recently made changes to their positions in PGR. Kestra Advisory Services LLC boosted its stake in Progressive by 16.7% during the third quarter. Kestra Advisory Services LLC now owns 7,657 shares of the insurance provider’s stock valued at $1,067,000 after buying an additional 1,096 shares during the period. QRG Capital Management Inc. bought a new stake in Progressive during the third quarter valued at $3,417,000. Envestnet Portfolio Solutions Inc. bought a new stake in Progressive during the third quarter valued at $4,356,000. V Square Quantitative Management LLC boosted its stake in Progressive by 38.2% during the third quarter. V Square Quantitative Management LLC now owns 6,682 shares of the insurance provider’s stock valued at $931,000 after buying an additional 1,847 shares during the period. Finally, Provence Wealth Management Group bought a new stake in Progressive during the third quarter valued at $210,000. 85.34% of the stock is owned by institutional investors.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.