The Progressive Co. (NYSE:PGR) CIO Sells $527,962.67 in Stock

The Progressive Co. (NYSE:PGR) CIO Jonathan S. Bauer sold 2,467 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total transaction of $527,962.67. Following the sale, the executive now owns 24,720 shares of the company’s stock, valued at approximately $5,290,327.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Progressive Stock Up 1.4 %

Shares of NYSE PGR opened at $215.68 on Friday. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 52 week low of $124.06 and a 52 week high of $229.00. The firm has a 50-day moving average price of $210.37 and a 200 day moving average price of $200.99. The stock has a market capitalization of $126.32 billion, a price-to-earnings ratio of 22.08, a price-to-earnings-growth ratio of 0.75 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, beating the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The firm had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.54 billion. During the same quarter last year, the business earned $0.57 earnings per share. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. Equities research analysts anticipate that The Progressive Co. will post 12.02 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Progressive by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after acquiring an additional 285,070 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Progressive by 3.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock valued at $2,378,951,000 after acquiring an additional 520,742 shares in the last quarter. Norges Bank purchased a new position in Progressive during the 4th quarter valued at about $1,078,831,000. Capital International Investors increased its holdings in Progressive by 15.7% during the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after acquiring an additional 670,006 shares in the last quarter. Finally, FIL Ltd increased its holdings in Progressive by 0.4% during the 4th quarter. FIL Ltd now owns 4,885,731 shares of the insurance provider’s stock valued at $778,199,000 after acquiring an additional 19,724 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PGR shares. BMO Capital Markets increased their price target on shares of Progressive from $235.00 to $239.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. increased their price target on shares of Progressive from $210.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, July 11th. Bank of America increased their price target on shares of Progressive from $276.00 to $293.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Piper Sandler restated an “overweight” rating and issued a $240.00 target price on shares of Progressive in a research note on Monday, April 1st. Finally, Roth Mkm restated a “buy” rating and issued a $235.00 target price on shares of Progressive in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average price target of $222.94.

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.