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.
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.
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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