Progressive (NYSE:PGR) Insider Steven Broz Sells 1,157 Shares of Stock

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the sale, the insider owned 28,668 shares of the company’s stock, valued at $5,733,600. This trade represents a 3.88% decrease in their ownership of the stock. The sale 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 1.8%

NYSE PGR opened at $200.33 on Tuesday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $278.71. The company has a 50 day moving average of $198.84 and a 200-day moving average of $208.58. The company has a market cap of $117.06 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 5.91 and a beta of 0.28.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the previous year, the business earned $4.37 earnings per share. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. On average, equities research analysts expect that The Progressive Corporation will post 16.35 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PGR shares. Argus upgraded shares of Progressive to a “hold” rating in a research report on Thursday, March 5th. Jefferies Financial Group lowered their price objective on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research report on Tuesday, March 24th. BMO Capital Markets restated a “market perform” rating and set a $220.00 price objective on shares of Progressive in a research report on Wednesday, May 20th. Evercore restated a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $225.00 price objective on shares of Progressive in a research report on Monday, February 23rd. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $238.11.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in shares of Progressive during the fourth quarter worth $269,000. Bison Wealth LLC grew its stake in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after buying an additional 80 shares during the last quarter. HUB Investment Partners LLC grew its stake in shares of Progressive by 7.8% during the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after buying an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC grew its stake in shares of Progressive by 12.0% during the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after buying an additional 1,622 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

About Progressive

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.