Insider Selling: Progressive (NYSE:PGR) Insider Sells 1,649 Shares of Stock

The Progressive Corporation (NYSE:PGR) insider Andrew Quigg sold 1,649 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the transaction, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Progressive Price Performance

Progressive stock traded up $2.48 on Thursday, reaching $205.48. The company’s stock had a trading volume of 2,379,754 shares, compared to its average volume of 3,701,438. The Progressive Corporation has a twelve month low of $198.50 and a twelve month high of $292.99. The business’s fifty day moving average price is $221.92 and its 200 day moving average price is $232.79. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $120.49 billion, a price-to-earnings ratio of 11.27, a PEG ratio of 1.24 and a beta of 0.34.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s dividend payout ratio is currently 2.19%.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of analyst reports. HSBC set a $259.00 price target on Progressive and gave the company an “underperform” rating in a research note on Monday, November 17th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Progressive in a research note on Wednesday, December 17th. Bank of America reduced their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research note on Tuesday, December 9th. Raymond James Financial lowered their target price on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Finally, UBS Group cut their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $259.39.

Institutional Investors Weigh In On Progressive

Large investors have recently made changes to their positions in the stock. New York Life Investment Management LLC increased its position in shares of Progressive by 1.4% during the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after acquiring an additional 1,192 shares during the last quarter. Allstate Corp increased its stake in Progressive by 1,614.1% during the third quarter. Allstate Corp now owns 21,598 shares of the insurance provider’s stock valued at $5,334,000 after purchasing an additional 20,338 shares during the last quarter. Baron Silver Stevens Financial Advisors LLC bought a new stake in shares of Progressive in the 2nd quarter worth approximately $306,000. Mather Group LLC. increased its position in Progressive by 40.6% in the 3rd quarter. Mather Group LLC. now owns 16,840 shares of the insurance provider’s stock valued at $4,159,000 after acquiring an additional 4,865 shares during the period. Finally, Gateway Investment Advisers LLC raised its position in shares of Progressive by 91.7% during the 3rd quarter. Gateway Investment Advisers LLC now owns 11,710 shares of the insurance provider’s stock worth $2,892,000 after buying an additional 5,600 shares in the last quarter. 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.