Progressive (NYSE:PGR) Insider John Jo Murphy Sells 8,124 Shares of Stock

The Progressive Corporation (NYSE:PGR) insider John Jo Murphy sold 8,124 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the sale, the insider directly owned 41,291 shares in the company, valued at approximately $8,782,595.70. This trade represents a 16.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

John Jo Murphy also recently made the following trade(s):

• On Friday, June 5th, John Jo Murphy sold 5,916 shares of Progressive stock. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00.

Progressive Price Performance

Shares of NYSE PGR opened at $219.97 on Wednesday. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The business’s fifty day moving average price is $210.45 and its two-hundred day moving average price is $205.97. The firm has a market capitalization of $128.54 billion, a PE ratio of 11.03, a P/E/G ratio of 2.91 and a beta of 0.26.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.01%.

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: The insider transactions were scheduled in advance under Rule 10b5-1 plans, which generally reduces the likelihood that the sales reflect a current negative view of Progressive’s business or outlook.
• Neutral Sentiment: A Zacks analyst blog highlighted PGR alongside Intel and Dell. The item may increase visibility for Progressive, but the available report does not provide a specific new earnings estimate, recommendation, or fundamental catalyst. The Zacks Analyst Blog Highlights INTC, DELL and PGR
• Negative Sentiment: Progressive insiders collectively sold 56,156 shares for approximately $11.9 million. CEO Susan Patricia Griffith sold 37,338 shares, while Karen Bailo, Jonathan S. Bauer and John Jo Murphy sold 8,452, 2,242 and 8,124 shares, respectively. The sales reduced their individual holdings by roughly 6.7% to 20.7%, creating some near-term selling pressure and a potentially cautious signal despite the pre-arranged plans. Progressive CEO insider-sale filing

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PGR shares. Morgan Stanley upgraded shares of Progressive from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $190.00 to $210.00 in a research report on Friday. Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. HSBC lifted their price target on Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a report on Monday, July 6th. Finally, Keefe, Bruyette & Woods reduced their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research report on Thursday, July 16th. Five analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $236.11.

Institutional Investors Weigh In On Progressive

Several institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in Progressive during the 4th quarter valued at about $1,836,094,000. Wellington Management Group LLP raised its position in shares of Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock worth $1,481,615,000 after buying an additional 4,197,212 shares in the last quarter. Diamant Asset Management Inc. lifted its stake in shares of Progressive by 19,724.0% in the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock worth $806,614,000 after acquiring an additional 4,048,351 shares during the period. Life Cycle Investment Partners Ltd acquired a new stake in shares of Progressive in the 4th quarter worth approximately $353,906,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Progressive by 193.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock valued at $502,519,000 after acquiring an additional 1,454,111 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

About Progressive

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.