Insider Selling: Progressive Corp (NYSE:PGR) Insider Sells 2,868 Shares of Stock

Progressive Corp (NYSE:PGR) insider Michael D. Sieger sold 2,868 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $96.37, for a total transaction of $276,389.16. Following the completion of the transaction, the insider now owns 54,697 shares of the company’s stock, valued at $5,271,149.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Shares of PGR stock remained flat at $$95.08 during trading hours on Wednesday. 1,796,832 shares of the company’s stock traded hands, compared to its average volume of 3,251,251. The stock has a market capitalization of $55.66 billion, a P/E ratio of 12.84, a PEG ratio of 2.31 and a beta of 0.54. Progressive Corp has a 52-week low of $62.18 and a 52-week high of $96.90. The stock has a 50-day simple moving average of $91.53 and a 200 day simple moving average of $81.59. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.33.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $1.84 EPS for the quarter, topping the consensus estimate of $1.74 by $0.10. The firm had revenue of $10.14 billion for the quarter, compared to the consensus estimate of $9.72 billion. Progressive had a net margin of 10.85% and a return on equity of 29.04%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same period last year, the firm posted $1.66 earnings per share. On average, sell-side analysts anticipate that Progressive Corp will post 6.75 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, October 7th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Tuesday, October 6th. Progressive’s dividend payout ratio (DPR) is presently 5.95%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. WASHINGTON TRUST Co purchased a new position in shares of Progressive in the first quarter worth $25,000. Blue Square Asset Management LLC purchased a new position in shares of Progressive in the second quarter worth $25,000. Security National Trust Co. purchased a new position in shares of Progressive in the first quarter worth $31,000. Baystate Wealth Management LLC increased its stake in shares of Progressive by 62.8% in the second quarter. Baystate Wealth Management LLC now owns 389 shares of the insurance provider’s stock worth $31,000 after buying an additional 150 shares during the period. Finally, Balentine LLC purchased a new position in shares of Progressive in the first quarter worth $45,000. 80.93% of the stock is currently owned by institutional investors.

A number of equities analysts have recently commented on PGR shares. Deutsche Bank raised their price objective on shares of Progressive from $95.00 to $99.00 and gave the company a “buy” rating in a research report on Friday, August 21st. Bank of America started coverage on shares of Progressive in a research report on Monday, June 1st. They issued a “buy” rating for the company. Morgan Stanley raised their price objective on shares of Progressive from $94.00 to $96.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Argus lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, MKM Partners raised their target price on shares of Progressive from $90.00 to $115.00 in a research note on Wednesday, September 2nd. Nine analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $89.25.

About Progressive

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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Insider Buying and Selling by Quarter for Progressive (NYSE:PGR)

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