The Progressive Corporation (NYSE:PGR – Get Free Report) insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total transaction of $1,727,974.80. Following the completion of the transaction, the insider directly owned 41,291 shares in the company, valued at $8,782,595.70. The trade was a 16.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
John Jo Murphy also recently made the following trade(s):
- On Friday, June 5th, John Jo Murphy sold 5,916 shares of Progressive stock. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00.
Progressive Stock Up 0.5%
Progressive stock opened at $220.52 on Thursday. The firm has a market capitalization of $128.86 billion, a P/E ratio of 11.06, a P/E/G ratio of 2.96 and a beta of 0.26. The stock’s fifty day simple moving average is $210.81 and its 200-day simple moving average is $206.02. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The company has a current ratio of 0.32, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24.
Progressive Dividend Announcement
Key Progressive News
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: The scheduled nature of the transactions reduces the likelihood that the sales signal a current deterioration in Progressive’s business outlook. Despite the sales, executives continue to hold substantial positions in the company.
- Positive Sentiment: Analyst sentiment remains broadly supportive. Progressive has an average rating of “Hold” and a consensus price target of $236.11, above its recent trading level. UBS raised its target to $230, while Morgan Stanley upgraded the stock to “Equal Weight.”
- Neutral Sentiment: Progressive recently paid a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a roughly 0.2% yield. The dividend provides limited income support because of its small size.
- Neutral Sentiment: Institutional investors own approximately 85.34% of Progressive, and several smaller investment firms modestly increased their holdings. This indicates continued institutional participation but is not a major new catalyst.
- Negative Sentiment: Progressive insiders reported significant selling. CEO Susan Patricia Griffith sold 37,338 shares for about $7.94 million; Karen Bailo sold 8,452 shares; CIO Jonathan Bauer sold 2,242 shares; John Jo Murphy sold 8,124 shares; and CFO Andrew J. Quigg sold 3,499 shares for about $770,000. The sales reduce individual holdings by approximately 6.7% to 20.7% and could create a cautious near-term signal, even though they were planned in advance. Progressive CFO insider-sale filing
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in PGR. Allstate Corp boosted its stake in shares of Progressive by 106.1% during the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider’s stock worth $10,136,000 after acquiring an additional 22,915 shares in the last quarter. Norges Bank purchased a new stake in Progressive during the fourth quarter worth $1,836,094,000. Investment House LLC acquired a new stake in Progressive in the fourth quarter valued at $8,447,000. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Progressive by 5.7% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider’s stock valued at $411,506,000 after buying an additional 97,275 shares in the last quarter. Finally, Van Cleef Asset Management Inc increased its position in shares of Progressive by 1.2% in the fourth quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider’s stock valued at $173,429,000 after buying an additional 9,017 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several analysts recently commented on the stock. Wells Fargo & Company reduced their price target on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday, July 16th. UBS Group lifted their price objective on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Evercore set a $240.00 target price on shares of Progressive in a report on Friday, July 10th. Keefe, Bruyette & Woods decreased their target price on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research note on Thursday, July 16th. Finally, Weiss Ratings cut Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus target price of $236.11.
About Progressive
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
Read More
- Five stocks we like better than Progressive
- Why SK hynix Could Be the Best AI Chip Stock to Buy Now
- Seagate Technology Stock Surges as Earnings Beat Silences AI Doubters
- Alphabet Is Down 18% From Its High After a Stellar Quarter—Overdone, or More Downside Ahead?
- Why Bloom Energy May Be the Most Important AI Infrastructure Stock
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.
