Insider Selling: The Progressive Co. (NYSE:PGR) Insider Sells $234,044.98 in Stock

The Progressive Co. (NYSE:PGR) insider Andrew J. Quigg sold 962 shares of Progressive stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total value of $234,044.98. Following the transaction, the insider now owns 34,787 shares in the company, valued at approximately $8,463,329.23. This represents a 2.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Progressive Stock Performance

Shares of Progressive stock opened at $238.58 on Friday. The Progressive Co. has a one year low of $175.50 and a one year high of $270.62. The company has a market cap of $139.76 billion, a PE ratio of 17.34, a P/E/G ratio of 0.62 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The business has a 50-day simple moving average of $248.27 and a 200-day simple moving average of $243.31.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued 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 was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is 2.91%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. HSBC lowered Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a report on Tuesday, December 10th. Keefe, Bruyette & Woods reduced their price objective on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Wells Fargo & Company boosted their price objective on shares of Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a report on Monday, December 16th. BMO Capital Markets reduced their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Finally, Barclays cut their price target on shares of Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $274.65.

Hedge Funds Weigh In On Progressive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new position in Progressive in the third quarter valued at approximately $25,000. Webster Bank N. A. acquired a new stake in shares of Progressive in the fourth quarter valued at approximately $26,000. Valley National Advisers Inc. boosted its holdings in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after acquiring an additional 120 shares during the period. DiNuzzo Private Wealth Inc. boosted its holdings in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares during the period. Finally, Kimelman & Baird LLC acquired a new stake in shares of Progressive in the second quarter valued at approximately $36,000. 85.34% of the stock is owned by institutional investors and hedge funds.

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.