Progressive (NYSE:PGR) Shares Gap Down to $72.68

Shares of Progressive Corp (NYSE:PGR) gapped down before the market opened on Monday . The stock had previously closed at $71.85, but opened at $72.68. Progressive shares last traded at $73.57, with a volume of 113,197 shares traded.

A number of brokerages have recently commented on PGR. Janney Montgomery Scott began coverage on Progressive in a report on Thursday, June 20th. They set a “neutral” rating and a $59.00 price target for the company. Buckingham Research upped their target price on Progressive from $74.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Raymond James upped their target price on Progressive from $90.00 to $93.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 25th. Wells Fargo & Co set a $78.00 target price on Progressive and gave the company a “hold” rating in a research note on Friday, September 13th. Finally, UBS Group upped their target price on Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $83.42.

The business has a 50 day moving average of $77.19 and a 200 day moving average of $77.31. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market capitalization of $42.49 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 1.83 and a beta of 0.68.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.23. Progressive had a return on equity of 28.12% and a net margin of 9.19%. The firm had revenue of $9.13 billion for the quarter, compared to analysts’ expectations of $9.13 billion. During the same period in the prior year, the business posted $1.19 earnings per share. The business’s revenue was up 12.7% compared to the same quarter last year. On average, sell-side analysts forecast that Progressive Corp will post 5.42 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, October 7th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend is Friday, October 4th. Progressive’s dividend payout ratio (DPR) is 9.05%.

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

Several hedge funds have recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Progressive by 22.8% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 228,978 shares of the insurance provider’s stock worth $18,302,000 after purchasing an additional 42,476 shares during the last quarter. Atria Investments LLC grew its holdings in shares of Progressive by 7.9% during the second quarter. Atria Investments LLC now owns 33,454 shares of the insurance provider’s stock worth $2,591,000 after purchasing an additional 2,454 shares during the last quarter. Keudell Morrison Wealth Management bought a new stake in shares of Progressive during the second quarter worth $2,528,000. Treasurer of the State of North Carolina grew its holdings in shares of Progressive by 0.7% during the second quarter. Treasurer of the State of North Carolina now owns 373,768 shares of the insurance provider’s stock worth $29,875,000 after purchasing an additional 2,660 shares during the last quarter. Finally, Nomura Holdings Inc. bought a new stake in shares of Progressive during the second quarter worth $742,000. Institutional investors own 78.76% of the company’s stock.

About Progressive (NYSE:PGR)

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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