Steven Broz Sells 1,267 Shares of The Progressive Co. (NYSE:PGR) Stock

The Progressive Co. (NYSE:PGR) insider Steven Broz sold 1,267 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $277.81, for a total transaction of $351,985.27. Following the transaction, the insider now owns 28,888 shares in the company, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Progressive Stock Down 0.6%

Shares of PGR traded down $1.67 during trading on Wednesday, reaching $277.09. The company’s stock had a trading volume of 1,134,840 shares, compared to its average volume of 2,642,690. The company has a fifty day moving average of $275.39 and a two-hundred day moving average of $263.17. The company has a market cap of $162.43 billion, a price-to-earnings ratio of 19.24, a P/E/G ratio of 1.70 and a beta of 0.40. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. On average, sell-side analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive’s payout ratio is currently 2.70%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PGR shares. JPMorgan Chase & Co. raised their price target on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. BMO Capital Markets raised their price target on shares of Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research report on Thursday, April 17th. Roth Mkm boosted their price target on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Morgan Stanley set a $330.00 price objective on Progressive and gave the company an “overweight” rating in a research report on Monday, May 19th. Finally, Wells Fargo & Company upped their price objective on shares of Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average price target of $288.59.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Highline Wealth Partners LLC lifted its position in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after buying an additional 49 shares in the last quarter. TruNorth Capital Management LLC raised its position in Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 63 shares in the last quarter. HWG Holdings LP acquired a new stake in shares of Progressive during the 1st quarter worth about $28,000. Webster Bank N. A. acquired a new stake in Progressive in the 4th quarter valued at about $26,000. Finally, Hager Investment Management Services LLC bought a new position in Progressive in the fourth quarter valued at about $28,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Progressive

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.