Insider Selling: The Progressive Co. (NYSE:PGR) CAO Sells 360 Shares of Stock

The Progressive Co. (NYSE:PGR) CAO Carl G. Joyce sold 360 shares of the business’s stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the transaction, the chief accounting officer now owns 655 shares in the company, valued at approximately $180,891.35. This trade represents a 35.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Progressive Stock Performance

Shares of PGR stock traded up $1.21 during trading on Monday, reaching $274.07. The company had a trading volume of 2,514,504 shares, compared to its average volume of 2,854,106. The firm’s 50 day simple moving average is $261.96 and its two-hundred day simple moving average is $255.01. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The company has a market capitalization of $160.66 billion, a PE ratio of 19.03, a PEG ratio of 1.70 and a beta of 0.35.

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 the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Sell-side analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PGR. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a research report on Thursday, December 26th. Barclays increased their target price on Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday, March 13th. Roth Mkm boosted their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Morgan Stanley boosted their target price on Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $281.06.

Institutional Investors Weigh In On Progressive

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Kesler Norman & Wride LLC lifted its position in shares of Progressive by 1.1% in the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock worth $885,000 after acquiring an additional 40 shares during the period. Atlantic Edge Private Wealth Management LLC grew its stake in 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 last quarter. LRI Investments LLC grew its position in Progressive by 16.5% during the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after acquiring an additional 42 shares during the last quarter. Washington Trust Bank raised its position in Progressive by 4.1% in the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock valued at $255,000 after purchasing an additional 42 shares during the last quarter. Finally, SYM FINANCIAL Corp boosted its stake in Progressive by 2.8% in the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock worth $384,000 after purchasing an additional 44 shares in the last quarter. 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.