The Progressive Co. (NYSE:PGR) CEO Sells $4,167,000.00 in Stock

The Progressive Co. (NYSE:PGR) CEO Susan Patricia Griffith sold 45,000 shares of The Progressive stock in a transaction that occurred on Friday, September 17th. The shares were sold at an average price of $92.60, for a total transaction of $4,167,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Shares of PGR opened at $91.57 on Friday. The Progressive Co. has a 1 year low of $84.89 and a 1 year high of $107.58. The company has a market cap of $53.58 billion, a price-to-earnings ratio of 9.86, a price-to-earnings-growth ratio of 3.51 and a beta of 0.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.35 and a current ratio of 0.35. The firm has a fifty day moving average of $95.18 and a 200-day moving average of $96.78.

The Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, August 3rd. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.36). The Progressive had a net margin of 12.00% and a return on equity of 23.52%. Analysts predict that The Progressive Co. will post 4.42 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, October 7th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date is Wednesday, October 6th. The Progressive’s dividend payout ratio is currently 5.35%.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC raised its position in The Progressive by 57.6% in the first quarter. Hexagon Capital Partners LLC now owns 279 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 102 shares in the last quarter. Concord Wealth Partners bought a new stake in The Progressive in the first quarter worth about $27,000. Liberty Wealth Management LLC raised its position in The Progressive by 9,732.1% in the second quarter. Liberty Wealth Management LLC now owns 2,753 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 2,725 shares in the last quarter. Wagner Wealth Management LLC raised its position in The Progressive by 221.5% in the second quarter. Wagner Wealth Management LLC now owns 299 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 206 shares in the last quarter. Finally, MBM Wealth Consultants LLC raised its position in The Progressive by 191.1% in the first quarter. MBM Wealth Consultants LLC now owns 358 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 235 shares in the last quarter. Institutional investors and hedge funds own 82.14% of the company’s stock.

A number of analysts have recently issued reports on the stock. Bank of America dropped their price objective on shares of The Progressive from $127.00 to $123.00 and set a “buy” rating on the stock in a research note on Thursday, June 17th. Wolfe Research assumed coverage on shares of The Progressive in a research note on Monday, August 16th. They set an “underperform” rating and a $85.00 price objective on the stock. Evercore ISI dropped their price objective on shares of The Progressive from $93.00 to $90.00 and set an “in-line” rating on the stock in a research note on Tuesday, August 17th. Raymond James decreased their price target on shares of The Progressive from $115.00 to $105.00 and set an “outperform” rating for the company in a research report on Friday, July 16th. Finally, Barclays decreased their price target on shares of The Progressive from $86.00 to $84.00 and set an “underweight” rating for the company in a research report on Friday, July 16th. Six analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.21.

About The Progressive

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines and Property.

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Insider Buying and Selling by Quarter for The Progressive (NYSE:PGR)

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