Progressive Corp (NYSE:PGR) insider Susan Patricia Griffith sold 22,500 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $78.01, for a total transaction of $1,755,225.00. Following the completion of the transaction, the insider now directly owns 250,162 shares in the company, valued at $19,515,137.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Shares of PGR traded up $0.32 during mid-day trading on Friday, reaching $81.96. The company had a trading volume of 1,875,178 shares, compared to its average volume of 3,086,481. Progressive Corp has a 1-year low of $56.71 and a 1-year high of $84.30. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market cap of $47.86 billion, a P/E ratio of 18.54, a PEG ratio of 2.13 and a beta of 0.74.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The company had revenue of $9.24 billion for the quarter, compared to the consensus estimate of $9.20 billion. During the same period last year, the company posted $1.22 EPS. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, equities analysts forecast that Progressive Corp will post 5.2 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.49%. Progressive’s dividend payout ratio is presently 9.05%.
Several equities analysts have recently weighed in on the stock. B. Riley increased their price objective on shares of Progressive from $89.00 to $96.00 and gave the company a “buy” rating in a research report on Thursday. Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a research report on Monday, May 27th. Credit Suisse Group increased their price objective on shares of Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. Wells Fargo & Co reaffirmed a “hold” rating and set a $73.00 price target on shares of Progressive in a research report on Thursday, February 28th. Finally, UBS Group raised their price target on shares of Progressive from $85.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $81.00.
Large investors have recently bought and sold shares of the stock. Zions Bancorporation N.A. acquired a new stake in Progressive during the 1st quarter worth approximately $125,000. PCJ Investment Counsel Ltd. bought a new stake in shares of Progressive in the 4th quarter valued at $1,985,000. Jackson Grant Investment Advisers Inc. bought a new stake in shares of Progressive in the 1st quarter valued at $26,000. Retirement Systems of Alabama increased its stake in shares of Progressive by 0.5% in the 1st quarter. Retirement Systems of Alabama now owns 654,987 shares of the insurance provider’s stock valued at $47,218,000 after acquiring an additional 2,985 shares in the last quarter. Finally, Picton Mahoney Asset Management increased its stake in shares of Progressive by 3.7% in the 4th quarter. Picton Mahoney Asset Management now owns 306,700 shares of the insurance provider’s stock valued at $18,503,000 after acquiring an additional 10,900 shares in the last quarter. Institutional investors and hedge funds own 79.11% of the company’s stock.
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Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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