Progressive (NYSE:PGR) Shares Gap Down – Here’s What Happened

Shares of The Progressive Corporation (NYSE:PGR) gapped down prior to trading on Friday . The stock had previously closed at $227.72, but opened at $214.34. Progressive shares last traded at $211.5280, with a volume of 204,135 shares.

Wall Street Analyst Weigh In

PGR has been the topic of a number of analyst reports. HSBC set a $259.00 target price on shares of Progressive and gave the company an “underperform” rating in a research note on Monday, November 17th. Wolfe Research initiated coverage on Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Mizuho assumed coverage on shares of Progressive in a report on Monday, December 15th. They issued a “neutral” rating and a $242.00 target price on the stock. UBS Group dropped their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research report on Wednesday, October 8th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 17th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Progressive has an average rating of “Hold” and a consensus target price of $264.98.

Progressive Stock Down 6.9%

The firm’s 50-day moving average is $222.97 and its two-hundred day moving average is $237.72. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market cap of $124.38 billion, a P/E ratio of 11.64, a PEG ratio of 1.29 and a beta of 0.34.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period last year, the business posted $3.58 earnings per share. On average, equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend is Friday, January 2nd. Progressive’s payout ratio is currently 2.19%.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $228.29, for a total value of $307,050.05. Following the transaction, the insider owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. This trade represents a 4.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of Progressive stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer owned 223,024 shares of the company’s stock, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 9,034 shares of company stock worth $2,047,481. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Davis Capital Management bought a new position in Progressive during the third quarter worth about $25,000. Ameriflex Group Inc. raised its holdings in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares during the period. Atlantic Union Bankshares Corp bought a new position in shares of Progressive during the second quarter worth $33,000. Westside Investment Management Inc. grew its holdings in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares during the period. Finally, Howard Hughes Medical Institute bought a new stake in shares of Progressive in the 2nd quarter valued at $34,000. 85.34% of the stock is currently owned by institutional investors.

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.