Progressive (NYSE:PGR) CFO Sells $769,780.00 in Stock

The Progressive Corporation (NYSE:PGR) CFO Andrew Quigg sold 3,499 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the sale, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at $9,370,900. This represents a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Stock Down 0.8%

PGR stock opened at $211.50 on Friday. The stock has a fifty day moving average of $211.33 and a 200-day moving average of $206.05. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. The company has a market capitalization of $123.59 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 2.88 and a beta of 0.26. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PGR shares. Keefe, Bruyette & Woods cut their price objective on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. William Blair reissued a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Wells Fargo & Company dropped their target price on Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research report on Thursday, July 16th. Evercore set a $240.00 price target on Progressive in a report on Friday, July 10th. Finally, HSBC lifted their price target on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a research report on Monday, July 6th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $236.11.

Institutional Investors Weigh In On Progressive

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 55,261,140 shares of the insurance provider’s stock worth $12,584,067,000 after purchasing an additional 593,612 shares in the last quarter. State Street Corp grew its stake in Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock worth $6,373,474,000 after buying an additional 78,374 shares in the last quarter. Capital International Investors increased its holdings in shares of Progressive by 8.9% in the 4th quarter. Capital International Investors now owns 14,921,724 shares of the insurance provider’s stock worth $3,398,123,000 after buying an additional 1,217,527 shares during the last quarter. GQG Partners LLC increased its holdings in shares of Progressive by 11.7% in the 4th quarter. GQG Partners LLC now owns 10,432,549 shares of the insurance provider’s stock worth $2,375,706,000 after buying an additional 1,092,151 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Progressive during the 4th quarter valued at $1,836,094,000. Institutional investors own 85.34% of the company’s stock.

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.