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 the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $247.54, for a total value of $313,633.18. Following the transaction, the insider owned 26,354 shares of the company’s stock, valued at $6,523,669.16. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Friday, June 20th, Steven Broz sold 1,267 shares of Progressive stock. The stock was sold at an average price of $260.38, for a total value of $329,901.46.
• On Friday, May 23rd, Steven Broz sold 1,267 shares of Progressive stock. The stock was sold at an average price of $277.81, for a total value of $351,985.27.

Progressive Stock Performance

Shares of Progressive stock opened at $245.15 on Tuesday. The business’s fifty day simple moving average is $267.67 and its 200-day simple moving average is $266.09. The Progressive Corporation has a 52 week low of $208.13 and a 52 week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.34 and a debt-to-equity ratio of 0.21. The firm has a market cap of $143.71 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 1.50 and a beta of 0.37.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, July 16th. The insurance provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.43 by $0.45. The business had revenue of $20.08 billion for the quarter, compared to the consensus estimate of $20.39 billion. Progressive had a return on equity of 35.37% and a net margin of 12.66%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.48 EPS. Equities analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a dividend, which was paid on Friday, July 11th. Investors of record on Friday, July 4th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a yield of 0.15%. Progressive’s dividend payout ratio is presently 2.25%.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently bought and sold shares of the stock. Highline Wealth Partners LLC grew its position in 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 during the period. TruNorth Capital Management LLC boosted its position in shares of Progressive by 210.0% in the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after buying an additional 63 shares during the period. Minot DeBlois Advisors LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $28,000. HWG Holdings LP purchased a new stake in shares of Progressive in the first quarter worth about $28,000. Finally, Garde Capital Inc. acquired a new position in shares of Progressive in the first quarter worth about $33,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PGR shares. Bank of America dropped their price target on Progressive from $337.00 to $336.00 and set a “buy” rating on the stock in a research note on Thursday, July 17th. BMO Capital Markets decreased their target price on Progressive from $288.00 to $281.00 and set an “outperform” rating for the company in a report on Friday. Barclays decreased their price target on Progressive from $297.00 to $287.00 and set an “equal weight” rating for the company in a report on Monday, July 7th. Morgan Stanley decreased their price target on Progressive from $290.00 to $280.00 and set an “equal weight” rating for the company in a report on Monday, July 14th. Finally, Evercore ISI cut Progressive from an “outperform” rating to an “in-line” rating and set a $275.00 price objective for the company. in a research report on Thursday, July 17th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus price target of $286.88.

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.