Progressive (NYSE:PGR) CIO Jonathan Bauer Sells 2,266 Shares of Stock

The Progressive Corporation (NYSE:PGR) CIO Jonathan Bauer sold 2,266 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the sale, the executive directly owned 26,250 shares of the company’s stock, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Progressive Price Performance

PGR opened at $205.85 on Wednesday. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $292.99. The company has a 50 day moving average of $211.50 and a two-hundred day moving average of $225.87. The company has a market cap of $120.71 billion, a P/E ratio of 10.70, a P/E/G ratio of 8.88 and a beta of 0.32. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s dividend payout ratio is currently 2.08%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PGR shares. Citigroup decreased their target price on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. JPMorgan Chase & Co. lowered their price target on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a report on Wednesday, January 7th. Zacks Research downgraded shares of Progressive from a “hold” rating to a “strong sell” rating in a research note on Monday, January 26th. Finally, Jefferies Financial Group set a $216.00 price objective on shares of Progressive in a research report on Wednesday, February 11th. Six analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $244.71.

Institutional Investors Weigh In On Progressive

Several hedge funds and other institutional investors have recently modified their holdings of the stock. River Road Asset Management LLC lifted its position in shares of Progressive by 6.5% during the fourth quarter. River Road Asset Management LLC now owns 441,224 shares of the insurance provider’s stock worth $100,476,000 after purchasing an additional 27,086 shares during the last quarter. SG Trading Solutions LLC acquired a new stake in Progressive during the fourth quarter valued at approximately $1,561,000. Pacer Advisors Inc. lifted its holdings in Progressive by 17.6% during the 4th quarter. Pacer Advisors Inc. now owns 55,506 shares of the insurance provider’s stock worth $12,640,000 after buying an additional 8,298 shares during the last quarter. Kera Capital Partners Inc. grew its position in shares of Progressive by 28.1% in the 4th quarter. Kera Capital Partners Inc. now owns 1,926 shares of the insurance provider’s stock worth $401,000 after acquiring an additional 422 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Progressive in the 4th quarter valued at approximately $1,673,000. Institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.