Progressive Corp (PGR) CFO John P. Sauerland Sells 12,000 Shares of Stock

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Progressive Corp (NYSE:PGR) CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $71.37, for a total transaction of $856,440.00. Following the transaction, the chief financial officer now directly owns 380,019 shares of the company’s stock, valued at approximately $27,121,956.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

NYSE:PGR opened at $71.81 on Wednesday. Progressive Corp has a 52 week low of $56.47 and a 52 week high of $73.69. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.42 and a current ratio of 0.32. The company has a market cap of $41.51 billion, a PE ratio of 16.25, a PEG ratio of 1.92 and a beta of 0.75.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 23rd. The insurance provider reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $1.01 by ($0.57). Progressive had a net margin of 8.16% and a return on equity of 24.54%. The firm had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.86 billion. During the same quarter in the previous year, the company earned $0.98 EPS. The company’s quarterly revenue was up 17.6% compared to the same quarter last year. As a group, equities analysts predict that Progressive Corp will post 5.03 earnings per share for the current fiscal year.

The company also recently declared an annual dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, April 5th will be issued a dividend of $0.10 per share. This represents a dividend yield of 0.14%. The ex-dividend date of this dividend is Thursday, April 4th. Progressive’s payout ratio is 56.79%.

Several large investors have recently bought and sold shares of PGR. Rehmann Capital Advisory Group boosted its holdings in Progressive by 20.2% in the fourth quarter. Rehmann Capital Advisory Group now owns 868 shares of the insurance provider’s stock worth $52,000 after purchasing an additional 146 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in Progressive by 3.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 4,814 shares of the insurance provider’s stock worth $291,000 after purchasing an additional 160 shares during the last quarter. JOYN Advisors Inc. boosted its holdings in Progressive by 46.3% in the fourth quarter. JOYN Advisors Inc. now owns 588 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 186 shares during the last quarter. Flagship Harbor Advisors LLC boosted its holdings in Progressive by 15.3% in the fourth quarter. Flagship Harbor Advisors LLC now owns 1,420 shares of the insurance provider’s stock worth $85,000 after purchasing an additional 188 shares during the last quarter. Finally, Impax Asset Management Group plc boosted its holdings in Progressive by 2.8% in the fourth quarter. Impax Asset Management Group plc now owns 7,924 shares of the insurance provider’s stock worth $478,000 after purchasing an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 82.13% of the company’s stock.

PGR has been the subject of a number of analyst reports. ValuEngine downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Wells Fargo & Co set a $69.00 target price on shares of Progressive and gave the company a “hold” rating in a research note on Thursday, November 1st. Credit Suisse Group set a $79.00 target price on shares of Progressive and gave the company a “buy” rating in a research note on Friday, November 2nd. Morgan Stanley raised shares of Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 target price for the company in a research note on Wednesday, November 7th. Finally, Barclays raised their target price on shares of Progressive from $59.00 to $67.00 and gave the company an “underweight” rating in a research note on Monday, November 12th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Progressive has a consensus rating of “Buy” and an average price target of $72.00.

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Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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