The Progressive Corporation (NYSE:PGR) Director Sells $958,642.83 in Stock

The Progressive Corporation (NYSE:PGR) Director Stuart B. Burgdoerfer sold 3,681 shares of Progressive stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the completion of the transaction, the director now owns 12,217 shares in the company, valued at approximately $3,181,673.31. This represents a 23.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Progressive Stock Performance

Progressive stock opened at $266.39 on Tuesday. The stock’s 50 day simple moving average is $275.09 and its two-hundred day simple moving average is $264.57. 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 stock has a market cap of $156.16 billion, a price-to-earnings ratio of 17.96, a PEG ratio of 1.62 and a beta of 0.40. The Progressive Corporation has a fifty-two week low of $204.88 and a fifty-two week high of $292.99.

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

Institutional Trading of Progressive

Several large investors have recently bought and sold shares of PGR. Norges Bank bought a new stake in Progressive during the 4th quarter valued at approximately $1,843,045,000. Nuveen LLC bought a new stake in Progressive during the 1st quarter valued at approximately $1,473,180,000. GQG Partners LLC boosted its position in 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 acquiring an additional 3,174,632 shares in the last quarter. 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 valued at $862,059,000 after acquiring an additional 3,038,303 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Progressive during the 4th quarter valued at approximately $408,416,000. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on PGR. Bank of America upgraded Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective on the stock in a report on Monday, April 28th. BMO Capital Markets lifted their price objective on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a report on Thursday, April 17th. JPMorgan Chase & Co. lifted their price objective on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. Jefferies Financial Group decreased their price objective on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Finally, Wall Street Zen upgraded Progressive from a “hold” rating to a “buy” rating in a report on Saturday. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus 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.