Short Interest in Progressive Corp (NYSE:PGR) Decreases By 9.3%

Progressive Corp (NYSE:PGR) saw a significant drop in short interest in August. As of August 31st, there was short interest totalling 4,794,500 shares, a drop of 9.3% from the July 31st total of 5,288,400 shares. Based on an average trading volume of 2,650,000 shares, the short-interest ratio is currently 1.8 days. Approximately 0.8% of the company’s stock are short sold.

Shares of PGR stock traded down $4.30 during trading hours on Friday, hitting $72.68. 13,251,865 shares of the company were exchanged, compared to its average volume of 2,960,791. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.36 and a current ratio of 0.36. Progressive has a one year low of $56.71 and a one year high of $84.96. The business’s 50-day simple moving average is $77.86 and its two-hundred day simple moving average is $77.29. The stock has a market capitalization of $44.51 billion, a price-to-earnings ratio of 16.44, a P/E/G ratio of 1.92 and a beta of 0.68.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 EPS for the quarter, topping the consensus estimate of $1.43 by $0.23. Progressive had a net margin of 9.19% and a return on equity of 28.12%. The business had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.13 billion. During the same quarter last year, the company posted $1.19 earnings per share. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. As a group, analysts anticipate that Progressive will post 5.42 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, October 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.55%. Progressive’s dividend payout ratio is currently 9.05%.

Several analysts have recently weighed in on the company. Wells Fargo & Co restated a “hold” rating and set a $81.00 target price on shares of Progressive in a research note on Thursday, August 15th. Raymond James increased their price target on shares of Progressive from $90.00 to $93.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 25th. Buckingham Research increased their price target on shares of Progressive from $74.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday. Barclays increased their price target on shares of Progressive from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, July 1st. Finally, B. Riley increased their price target on shares of Progressive from $89.00 to $96.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $84.08.

In other news, CEO Susan Patricia Griffith sold 22,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the completion of the sale, the chief executive officer now directly owns 352,795 shares in the company, valued at $26,978,233.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $81.11, for a total value of $973,320.00. Following the sale, the insider now owns 24,867 shares of the company’s stock, valued at $2,016,962.37. The disclosure for this sale can be found here. Insiders have sold 46,500 shares of company stock valued at $3,624,855 over the last 90 days. Insiders own 0.39% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Progressive by 1.3% in the second quarter. Vanguard Group Inc. now owns 47,282,236 shares of the insurance provider’s stock worth $3,779,270,000 after acquiring an additional 608,886 shares during the last quarter. BlackRock Inc. lifted its holdings in Progressive by 0.9% in the second quarter. BlackRock Inc. now owns 41,763,992 shares of the insurance provider’s stock worth $3,338,197,000 after acquiring an additional 373,372 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Progressive by 0.7% in the first quarter. JPMorgan Chase & Co. now owns 10,367,630 shares of the insurance provider’s stock worth $747,404,000 after acquiring an additional 72,786 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Progressive by 7.4% in the fourth quarter. Geode Capital Management LLC now owns 7,478,706 shares of the insurance provider’s stock worth $450,389,000 after acquiring an additional 515,706 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. lifted its holdings in Progressive by 45.2% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 7,422,571 shares of the insurance provider’s stock worth $593,288,000 after acquiring an additional 2,309,945 shares during the last quarter. 79.87% of the stock is currently owned by hedge funds and other institutional investors.

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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