John P. Sauerland Sells 10,000 Shares of The Progressive Co. (NYSE:PGR) Stock

The Progressive Co. (NYSE:PGR) CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the sale, the chief financial officer now owns 302,958 shares of the company’s stock, valued at approximately $63,742,363.20. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Progressive Trading Up 0.8 %

Shares of Progressive stock opened at $211.12 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The stock has a market capitalization of $123.65 billion, a P/E ratio of 21.52, a P/E/G ratio of 0.80 and a beta of 0.35. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $217.77. The stock’s 50-day simple moving average is $209.42 and its 200 day simple moving average is $194.23.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the prior year, the company posted $0.65 EPS. Progressive’s revenue was up 17.7% compared to the same quarter last year. As a group, research analysts anticipate that The Progressive Co. will post 11.27 EPS for the current year.

Progressive Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Progressive from $243.00 to $254.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Bank of America lifted their price target on Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Roth Mkm reissued a “buy” rating and issued a $235.00 price objective on shares of Progressive in a research note on Wednesday, June 26th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price on shares of Progressive in a research report on Monday, April 1st. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $235.00 price target on shares of Progressive in a research report on Monday, June 17th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $216.81.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PGR. Norges Bank purchased a new stake in shares of Progressive in the fourth quarter worth about $1,078,831,000. Wellington Management Group LLP boosted its holdings in Progressive by 14.1% in the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock valued at $3,002,542,000 after purchasing an additional 2,666,449 shares during the period. 1832 Asset Management L.P. grew its position in shares of Progressive by 237.8% during the 4th quarter. 1832 Asset Management L.P. now owns 1,485,750 shares of the insurance provider’s stock valued at $236,650,000 after purchasing an additional 1,045,883 shares in the last quarter. Confluence Investment Management LLC bought a new position in shares of Progressive in the first quarter worth $188,642,000. Finally, SG Americas Securities LLC raised its position in shares of Progressive by 4,545.0% in the first quarter. SG Americas Securities LLC now owns 705,243 shares of the insurance provider’s stock worth $145,858,000 after buying an additional 690,060 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

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.