Progressive (NYSE:PGR) CIO Sells $476,895.82 in Stock

The Progressive Corporation (NYSE:PGR) CIO Jonathan Bauer sold 2,242 shares of Progressive stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $476,895.82. Following the completion of the transaction, the executive directly owned 26,250 shares in the company, valued at $5,583,637.50. This trade represents a 7.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Stock Down 3.1%

NYSE PGR opened at $213.09 on Friday. The business has a fifty day moving average price of $211.09 and a two-hundred day moving average price of $206.01. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. The stock has a market capitalization of $124.52 billion, a PE ratio of 10.69, a PEG ratio of 2.96 and a beta of 0.26.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is 2.01%.

Institutional Trading of Progressive

Several large investors have recently made changes to their positions in PGR. Bard Associates Inc. bought a new position in Progressive in the fourth quarter worth approximately $27,000. Bogart Wealth LLC increased its holdings in shares of Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive during the fourth quarter worth approximately $29,000. HHM Wealth Advisors LLC raised its position in shares of Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the period. Finally, Acumen Wealth Advisors LLC bought a new position in shares of Progressive in the 4th quarter worth $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on PGR shares. Mizuho lifted their target price on Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Wells Fargo & Company dropped their target price on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday, July 16th. Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $190.00 to $210.00 in a research report on Friday, July 24th. Finally, Bank of America cut their target price on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $236.11.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.