Progressive (NYSE:PGR) Shares Down 4.7% – Here’s Why

The Progressive Co. (NYSE:PGR)’s stock price traded down 4.7% on Monday . The company traded as low as $267.28 and last traded at $266.15. 583,924 shares traded hands during trading, a decline of 78% from the average session volume of 2,649,165 shares. The stock had previously closed at $279.32.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Jefferies Financial Group cut their target price on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Morgan Stanley set a $330.00 price objective on shares of Progressive and gave the company an “overweight” rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $288.00 target price on shares of Progressive in a report on Thursday, April 17th. UBS Group raised their target price on Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. Finally, Barclays upped their price target on Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research report on Friday, April 11th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $288.59.

Progressive Stock Performance

The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The firm has a market cap of $158.35 billion, a P/E ratio of 18.76, a P/E/G ratio of 1.70 and a beta of 0.40. The business has a fifty day simple moving average of $276.19 and a 200-day simple moving average of $264.50.

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

Insider Buying and Selling at Progressive

In other news, Director Dyke Kahina Van sold 2,490 shares of Progressive stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the transaction, the director now owns 12,429 shares of the company’s stock, valued at $3,451,160.43. The trade was a 16.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the sale, the chief financial officer now directly owns 248,024 shares in the company, valued at $66,616,766.16. This trade represents a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,755 shares of company stock valued at $10,367,074. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Highline Wealth Partners LLC increased its position in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 49 shares in the last quarter. TruNorth Capital Management LLC boosted its stake in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 63 shares during the last quarter. Atlantic Edge Private Wealth Management LLC raised its stake in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the last quarter. Minot DeBlois Advisors LLC bought a new position in shares of Progressive during the fourth quarter valued at $28,000. Finally, HWG Holdings LP purchased a new stake in shares of Progressive during the first quarter valued at $28,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

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.