Progressive Corp (NYSE:PGR) CFO John P. Sauerland sold 15,000 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $78.91, for a total value of $1,183,650.00. Following the sale, the chief financial officer now owns 332,326 shares in the company, valued at approximately $26,223,844.66. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
PGR opened at $77.29 on Thursday. Progressive Corp has a 12-month low of $62.18 and a 12-month high of $84.96. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.39. The business’s fifty day simple moving average is $77.32 and its 200-day simple moving average is $76.88. The company has a market capitalization of $47.30 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 2.18 and a beta of 0.51.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.66. Progressive had a return on equity of 26.80% and a net margin of 9.18%. The business had revenue of $9.87 billion for the quarter, compared to the consensus estimate of $10.28 billion. During the same quarter in the prior year, the company earned $1.83 EPS. The business’s revenue was up 6.8% compared to the same quarter last year. On average, equities research analysts predict that Progressive Corp will post 6.17 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, July 7th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend is Monday, July 6th. Progressive’s payout ratio is 5.95%.
Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of Progressive by 0.7% during the 1st quarter. BlackRock Inc. now owns 42,305,646 shares of the insurance provider’s stock worth $3,123,848,000 after buying an additional 289,836 shares in the last quarter. Wellington Management Group LLP boosted its position in Progressive by 25.6% during the first quarter. Wellington Management Group LLP now owns 38,740,573 shares of the insurance provider’s stock valued at $2,860,604,000 after purchasing an additional 7,890,461 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Progressive by 4.5% during the first quarter. JPMorgan Chase & Co. now owns 18,296,706 shares of the insurance provider’s stock valued at $1,351,031,000 after purchasing an additional 787,145 shares in the last quarter. Alliancebernstein L.P. boosted its position in Progressive by 9.3% during the first quarter. Alliancebernstein L.P. now owns 11,394,325 shares of the insurance provider’s stock valued at $841,357,000 after purchasing an additional 969,841 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Progressive by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 10,444,973 shares of the insurance provider’s stock valued at $754,913,000 after purchasing an additional 114,039 shares in the last quarter. 80.02% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently weighed in on the company. Wells Fargo & Co increased their price target on Progressive from $76.00 to $85.00 and gave the company an “equal weight” rating in a report on Wednesday, April 1st. Deutsche Bank increased their price target on Progressive from $88.00 to $90.00 and gave the company a “buy” rating in a report on Friday, May 8th. Credit Suisse Group restated a “buy” rating and set a $79.00 price target on shares of Progressive in a report on Thursday, April 2nd. Raymond James upgraded Progressive from an “outperform” rating to a “strong-buy” rating and increased their price target for the company from $85.00 to $90.00 in a report on Friday, April 3rd. Finally, Bank of America assumed coverage on Progressive in a research report on Monday, June 1st. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $85.71.
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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