Insider Selling: The Progressive Co. (NYSE:PGR) CEO Sells $2,681,299.09 in Stock

The Progressive Co. (NYSE:PGR) CEO Susan Patricia Griffith sold 11,021 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the transaction, the chief executive officer now directly owns 473,736 shares of the company’s stock, valued at $115,255,231.44. This represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Susan Patricia Griffith also recently made the following trade(s):

• On Friday, January 3rd, Susan Patricia Griffith sold 9,066 shares of Progressive stock. The shares were sold at an average price of $242.10, for a total value of $2,194,878.60.

Progressive Stock Performance

Shares of PGR opened at $238.58 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock has a 50-day moving average price of $248.27 and a 200-day moving average price of $243.31. The company has a market cap of $139.76 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 0.62 and a beta of 0.41. The Progressive Co. has a 12-month low of $175.50 and a 12-month high of $270.62.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date was Friday, January 10th. Progressive’s payout ratio is 2.91%.

Institutional Trading of Progressive

A number of hedge funds have recently made changes to their positions in PGR. Davis Capital Management purchased a new stake in Progressive during the third quarter valued at about $25,000. Webster Bank N. A. bought a new position in shares of Progressive during the 4th quarter valued at about $26,000. Valley National Advisers Inc. raised its holdings in shares of Progressive by 3,000.0% during the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after buying an additional 120 shares in the last quarter. DiNuzzo Private Wealth Inc. lifted its position in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the last quarter. Finally, Kimelman & Baird LLC purchased a new stake in Progressive in the second quarter worth approximately $36,000. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PGR. Bank of America upped their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Morgan Stanley cut their target price on shares of Progressive from $310.00 to $300.00 and set an “overweight” rating for the company in a research report on Tuesday, January 21st. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, HSBC cut shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $274.65.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.