Insider Selling: The Progressive Co. (NYSE:PGR) Insider Sells 3,855 Shares of Stock

The Progressive Co. (NYSE:PGR) insider Lori A. Niederst sold 3,855 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $247.06, for a total transaction of $952,416.30. Following the transaction, the insider now owns 39,040 shares in the company, valued at $9,645,222.40. This represents a 8.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Progressive Stock Performance

Shares of Progressive stock traded up $0.13 during trading hours on Friday, hitting $249.35. 1,194,253 shares of the company’s stock traded hands, compared to its average volume of 2,590,662. The stock has a market capitalization of $146.07 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 0.64 and a beta of 0.41. The Progressive Co. has a 12-month low of $176.37 and a 12-month high of $270.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The company has a fifty day simple moving average of $247.40 and a 200-day simple moving average of $244.30.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (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 34.32%. Equities research analysts anticipate that The Progressive Co. will post 14.03 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s payout ratio is 2.78%.

Institutional Trading of Progressive

A number of large investors have recently bought and sold shares of the company. Davis Capital Management bought a new stake in shares of Progressive in the third quarter valued at approximately $25,000. Webster Bank N. A. bought a new stake in Progressive during the 4th quarter valued at $26,000. Hager Investment Management Services LLC purchased a new stake in shares of Progressive during the fourth quarter worth $28,000. Atlantic Edge Private Wealth Management LLC raised its stake in shares of Progressive by 54.7% during the 4th 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 during the period. Finally, Valley National Advisers Inc. lifted its holdings in Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Barclays cut their price target on Progressive from $277.00 to $261.00 and set an “equal weight” rating on the stock in a report on Monday, January 6th. HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a research report on Tuesday, December 10th. Morgan Stanley upped their price objective on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday. Bank of America raised their price objective on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $275.71.

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.