Progressive (NYSE:PGR) Shares Gap Down on Insider Selling

The Progressive Co. (NYSE:PGR)’s stock price gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $283.28, but opened at $276.50. Progressive shares last traded at $272.08, with a volume of 679,646 shares changing hands.

Specifically, CIO Jonathan S. Bauer sold 1,696 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $479,391.36. Following the transaction, the executive now owns 26,697 shares of the company’s stock, valued at $7,546,174.02. This trade represents a 5.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 1,542 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the completion of the transaction, the chief financial officer now directly owns 268,024 shares in the company, valued at approximately $75,759,663.84. This represents a 0.57 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PGR. Roth Mkm raised their target price on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price on the stock in a research note on Thursday, December 26th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research note on Friday, January 3rd. Morgan Stanley lifted their price target on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Wells Fargo & Company raised their price objective on shares of Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $281.06.

Progressive Price Performance

The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The business’s 50-day simple moving average is $261.21 and its 200 day simple moving average is $254.84. The company has a market capitalization of $160.92 billion, a P/E ratio of 19.06, a P/E/G ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. As a group, sell-side analysts anticipate that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Kesler Norman & Wride LLC grew its position in Progressive by 1.1% during the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock valued at $885,000 after purchasing an additional 40 shares in the last quarter. Atlantic Edge Private Wealth Management LLC grew its position in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares in the last quarter. LRI Investments LLC grew its position in Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after purchasing an additional 42 shares in the last quarter. Washington Trust Bank grew its position in Progressive by 4.1% during the fourth quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock valued at $255,000 after purchasing an additional 42 shares in the last quarter. Finally, SYM FINANCIAL Corp grew its position in Progressive by 2.8% in the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock worth $384,000 after acquiring an additional 44 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other 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.