Progressive Corp (NYSE:PGR) Short Interest Down 19.5% in November

Progressive Corp (NYSE:PGR) saw a large decline in short interest in the month of November. As of November 29th, there was short interest totalling 4,620,000 shares, a decline of 19.5% from the November 14th total of 5,740,000 shares. Based on an average daily volume of 3,610,000 shares, the days-to-cover ratio is presently 1.3 days. Approximately 0.8% of the shares of the company are short sold.

PGR has been the topic of a number of research analyst reports. Raymond James set a $93.00 target price on Progressive and gave the stock a “buy” rating in a research note on Thursday, September 26th. ValuEngine lowered Progressive from a “hold” rating to a “sell” rating in a research note on Monday, November 25th. Barclays set a $90.00 target price on Progressive and gave the stock a “buy” rating in a research note on Friday, September 13th. Credit Suisse Group decreased their target price on Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Finally, Wells Fargo & Co restated a “hold” rating and issued a $76.00 target price on shares of Progressive in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $82.00.

NYSE PGR traded up $1.53 during trading on Thursday, reaching $72.69. The company’s stock had a trading volume of 3,858,654 shares, compared to its average volume of 3,126,696. The firm has a fifty day moving average of $71.36 and a 200 day moving average of $76.82. Progressive has a one year low of $56.71 and a one year high of $84.96. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.36. The stock has a market capitalization of $42.88 billion, a PE ratio of 16.45, a P/E/G ratio of 1.88 and a beta of 0.66.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.03. Progressive had a return on equity of 26.09% and a net margin of 8.69%. Research analysts expect that Progressive will post 5.32 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 8th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Tuesday, January 7th. Progressive’s payout ratio is currently 9.05%.

In related news, CEO Susan Patricia Griffith sold 22,614 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $71.99, for a total transaction of $1,627,981.86. Following the sale, the chief executive officer now directly owns 376,308 shares in the company, valued at approximately $27,090,412.92. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 5,000 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $70.84, for a total value of $354,200.00. Following the sale, the insider now owns 25,295 shares in the company, valued at $1,791,897.80. The disclosure for this sale can be found here. Insiders own 0.39% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. CIBC Asset Management Inc boosted its holdings in shares of Progressive by 3.0% in the 2nd quarter. CIBC Asset Management Inc now owns 57,954 shares of the insurance provider’s stock worth $4,632,000 after purchasing an additional 1,714 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in shares of Progressive by 14.4% in the 2nd quarter. D.A. Davidson & CO. now owns 9,966 shares of the insurance provider’s stock worth $797,000 after purchasing an additional 1,254 shares in the last quarter. Point72 Hong Kong Ltd boosted its holdings in shares of Progressive by 25.1% in the 2nd quarter. Point72 Hong Kong Ltd now owns 11,681 shares of the insurance provider’s stock worth $934,000 after purchasing an additional 2,345 shares in the last quarter. Davidson Investment Advisors boosted its holdings in shares of Progressive by 44.9% in the 3rd quarter. Davidson Investment Advisors now owns 119,570 shares of the insurance provider’s stock worth $9,237,000 after purchasing an additional 37,025 shares in the last quarter. Finally, California State Teachers Retirement System boosted its holdings in shares of Progressive by 0.6% in the 3rd quarter. California State Teachers Retirement System now owns 983,685 shares of the insurance provider’s stock worth $75,990,000 after purchasing an additional 5,744 shares in the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.

About Progressive

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.

Further Reading: Producer Price Index (PPI)

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