Progressive (NYSE:PGR) Shares Down 4.7% – Time to Sell?

The Progressive Co. (NYSE:PGR)’s stock price fell 4.7% on Monday . The company traded as low as $267.28 and last traded at $266.15. 583,924 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 2,649,165 shares. The stock had previously closed at $279.32.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. Jefferies Financial Group reduced their price target on shares of Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $288.00 price target on shares of Progressive in a research note on Thursday, April 17th. Morgan Stanley set a $330.00 price objective on Progressive and gave the company an “overweight” rating in a research note on Monday, May 19th. Wells Fargo & Company raised their target price on Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Finally, BMO Capital Markets upped their price target on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $288.59.

Progressive Price Performance

The business’s 50-day moving average price is $276.19 and its 200 day moving average price is $264.50. The company has a market capitalization of $158.35 billion, a P/E ratio of 18.76, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,267 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total value of $351,985.27. Following the transaction, the insider now owns 28,888 shares of the company’s stock, valued at $8,025,375.28. This represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $268.59, for a total value of $2,685,900.00. Following the sale, the chief financial officer now owns 248,024 shares in the company, valued at $66,616,766.16. The trade was a 3.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock worth $10,367,074 in the last ninety days. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Progressive

Institutional investors have recently modified their holdings of the company. Integrated Advisors Network LLC boosted its stake in shares of Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after purchasing an additional 36 shares in the last quarter. Rise Advisors LLC boosted its position in Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after buying an additional 36 shares during the period. Pines Wealth Management LLC grew its stake in shares of Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after buying an additional 37 shares during the last quarter. Contravisory Investment Management Inc. grew its stake in shares of Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock valued at $549,000 after buying an additional 38 shares during the last quarter. Finally, Beacon Financial Group increased its holdings in shares of Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock worth $1,036,000 after buying an additional 39 shares during the period. 85.34% of the stock is currently owned by institutional investors.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.