Andrew J. Quigg Sells 681 Shares of The Progressive Co. (NYSE:PGR) Stock

The Progressive Co. (NYSE:PGR) insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $164,870.10. Following the completion of the sale, the insider now owns 33,612 shares in the company, valued at approximately $8,137,465.20. This trade represents a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Progressive Price Performance

PGR opened at $242.13 on Wednesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The business’s fifty day simple moving average is $251.46 and its 200-day simple moving average is $240.94. The company has a market capitalization of $141.84 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 0.70 and a beta of 0.41. The Progressive Co. has a 12-month low of $162.35 and a 12-month high of $270.62.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. On average, equities research analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 16th. Investors of record on Thursday, January 9th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. The ex-dividend date of this dividend is Friday, January 10th. Progressive’s dividend payout ratio (DPR) is 2.91%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective for the company. in a research note on Tuesday, December 10th. Wells Fargo & Company lifted their price objective on shares of Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Jefferies Financial Group increased their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $275.00.

Institutional Trading of Progressive

A number of hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC raised its position in shares of Progressive by 13.2% in the 3rd quarter. Geode Capital Management LLC now owns 14,425,792 shares of the insurance provider’s stock worth $3,652,235,000 after acquiring an additional 1,682,213 shares in the last quarter. Jennison Associates LLC raised its holdings in Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Progressive by 75.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock valued at $379,139,000 after buying an additional 641,943 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after buying an additional 594,330 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in shares of Progressive by 206.8% in the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after buying an additional 590,235 shares during the last quarter. Hedge funds and other institutional investors 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.