The Progressive Co. (NYSE:PGR) CEO Sells $2,194,878.60 in Stock

The Progressive Co. (NYSE:PGR) CEO Susan Patricia Griffith sold 9,066 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $2,194,878.60. Following the sale, the chief executive officer now owns 473,736 shares of the company’s stock, valued at approximately $114,691,485.60. The trade was a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Progressive Trading Down 1.1 %

Shares of PGR stock opened at $239.55 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $140.33 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 0.70 and a beta of 0.41. The Progressive Co. has a 52-week low of $162.35 and a 52-week high of $270.62. The company has a 50-day simple moving average of $251.45 and a two-hundred day simple moving average of $240.70.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Research analysts anticipate that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. The ex-dividend date of this dividend is Friday, January 10th. Progressive’s payout ratio is 2.91%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. The Goldman Sachs Group lifted their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Wells Fargo & Company raised their price target on shares of Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Roth Mkm raised their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, Evercore ISI upped their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $275.00.

Hedge Funds Weigh In On Progressive

Several institutional investors have recently added to or reduced their stakes in the stock. Davis Capital Management purchased a new position in Progressive in the third quarter valued at about $25,000. DiNuzzo Private Wealth Inc. raised its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Kimelman & Baird LLC purchased a new position in Progressive in the second quarter valued at approximately $36,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Progressive during the third quarter valued at $49,000. Finally, Friedenthal Financial purchased a new stake in Progressive in the third quarter worth $49,000. Institutional investors own 85.34% of the company’s stock.

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.