The Progressive Corporation (NYSE:PGR) Insider Steven Broz Sells 1,267 Shares

The Progressive Corporation (NYSE:PGR) insider Steven Broz sold 1,267 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $329,901.46. Following the completion of the transaction, the insider now owns 27,621 shares of the company’s stock, valued at $7,191,955.98. This represents a 4.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Steven Broz also recently made the following trade(s):

• On Friday, May 23rd, Steven Broz sold 1,267 shares of Progressive stock. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27.

Progressive Stock Performance

Shares of PGR stock traded up $3.93 during trading hours on Monday, reaching $265.94. The company had a trading volume of 1,332,785 shares, compared to its average volume of 2,705,922. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market cap of $155.90 billion, a PE ratio of 17.93, a price-to-earnings-growth ratio of 1.62 and a beta of 0.40. The business has a fifty day moving average price of $275.34 and a 200-day moving average price of $264.49. The Progressive Corporation has a one year low of $204.88 and a one year high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Progressive in the fourth quarter worth about $1,843,045,000. Nuveen LLC acquired a new position in shares of Progressive during the 1st quarter worth approximately $1,473,180,000. GQG Partners LLC grew its stake in shares of Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after buying an additional 3,174,632 shares during the period. GAMMA Investing LLC boosted its position in Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock worth $862,059,000 after purchasing an additional 3,038,303 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Progressive in the 4th quarter valued at about $408,416,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PGR. Bank of America raised Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a research report on Monday, April 28th. BMO Capital Markets boosted their price target on shares of Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a report on Thursday, April 17th. Roth Mkm lifted their target price on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Wall Street Zen raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Barclays raised their target price on shares of Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research note on Friday, April 11th. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of “Moderate Buy” and an average target price of $288.88.

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.