Insider Selling: The Progressive Co. (NYSE:PGR) Insider Sells 7,696 Shares of Stock

The Progressive Co. (NYSE:PGR) insider Patrick K. Callahan sold 7,696 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the sale, the insider now directly owns 15,189 shares in the company, valued at $3,876,384.69. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Progressive Price Performance

Shares of Progressive stock traded down $2.13 during trading on Monday, hitting $257.11. The stock had a trading volume of 751,205 shares, compared to its average volume of 2,520,715. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The business has a fifty day moving average of $234.16 and a two-hundred day moving average of $217.40. The Progressive Co. has a fifty-two week low of $137.59 and a fifty-two week high of $260.46. The firm has a market cap of $150.59 billion, a P/E ratio of 26.53, a PEG ratio of 0.74 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a return on equity of 33.01% and a net margin of 10.17%. The business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the firm posted $0.57 earnings per share. Progressive’s revenue was up 21.6% compared to the same quarter last year. On average, sell-side analysts expect that The Progressive Co. will post 12.7 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PGR. Citigroup dropped their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research report on Wednesday, July 17th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research report on Monday, August 12th. Bank of America lifted their price target on Progressive from $294.00 to $312.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Morgan Stanley raised their price target on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $257.18.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Northwest Bank & Trust Co acquired a new stake in shares of Progressive during the 4th quarter worth approximately $25,000. WR Wealth Planners LLC boosted its holdings in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares during the last quarter. Indiana Trust & Investment Management CO acquired a new stake in shares of Progressive in the first quarter valued at approximately $32,000. Hilltop National Bank raised its position in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the period. Finally, Register Financial Advisors LLC acquired a new stake in Progressive during the first quarter worth approximately $35,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Company Profile

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.