Insider Selling: The Progressive Co. (NYSE:PGR) Director Sells 400 Shares of Stock

The Progressive Co. (NYSE:PGR) Director Devin C. Johnson sold 400 shares of Progressive stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $275.04, for a total value of $110,016.00. Following the completion of the sale, the director now directly owns 8,370 shares in the company, valued at $2,302,084.80. This trade represents a 4.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Progressive Stock Down 0.7 %

Shares of NYSE:PGR traded down $1.94 during trading hours on Wednesday, hitting $272.49. The company’s stock had a trading volume of 2,773,573 shares, compared to its average volume of 2,428,459. The firm’s fifty day moving average price is $263.42 and its 200 day moving average price is $255.37. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The company has a market capitalization of $159.74 billion, a price-to-earnings ratio of 18.92, a P/E/G ratio of 1.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, research analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

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

Analyst Ratings Changes

Several research firms have recently weighed in on PGR. BMO Capital Markets cut their target price on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Roth Mkm increased 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. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $294.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, March 20th. Barclays increased their price objective on shares of Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 13th. Finally, Bank of America dropped their target price on Progressive from $318.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $281.06.

Institutional Investors Weigh In On Progressive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PGR. Kesler Norman & Wride LLC increased its holdings in shares of 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 acquiring an additional 40 shares in the last quarter. Atlantic Edge Private Wealth Management LLC lifted its stake in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares during the period. LRI Investments LLC grew its holdings in shares of 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 buying an additional 42 shares during the last quarter. Washington Trust Bank raised its stake in Progressive by 4.1% in the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock worth $255,000 after acquiring an additional 42 shares during the last quarter. Finally, SYM FINANCIAL Corp lifted its position in Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock worth $384,000 after acquiring an additional 44 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

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.