The Progressive Corporation (NYSE:PGR – Get Free Report) insider Lori Niederst sold 7,339 shares of Progressive stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the sale, the insider owned 42,567 shares of the company’s stock, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Progressive Stock Up 1.5%
Shares of PGR opened at $206.98 on Wednesday. The firm has a fifty day moving average price of $214.58 and a 200-day moving average price of $206.39. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $120.33 billion, a P/E ratio of 10.38, a P/E/G ratio of 2.82 and a beta of 0.27. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93.
Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter last year, the firm posted $5.40 EPS. The firm’s revenue was up 5.0% compared to the same quarter last year. Equities research analysts expect that The Progressive Corporation will post 17.57 earnings per share for the current year.
Progressive Announces Dividend
Wall Street Analyst Weigh In
Several analysts have recently weighed in on PGR shares. Mizuho set a $236.00 price target on shares of Progressive in a research note on Wednesday, August 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Progressive in a research note on Monday, August 3rd. Royal Bank Of Canada set a $208.00 price objective on Progressive in a report on Friday, May 22nd. Evercore set a $240.00 target price on Progressive in a research report on Friday, July 10th. Finally, Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $190.00 to $210.00 in a report on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $233.16.
Check Out Our Latest Research Report on PGR
Hedge Funds Weigh In On Progressive
Several institutional investors have recently bought and sold shares of PGR. Henson Edgewater Management LLC purchased a new stake in Progressive during the second quarter worth $1,606,000. Beacon Pointe Advisors LLC bought a new stake in Progressive during the 2nd quarter valued at $9,346,000. Kimelman & Baird LLC purchased a new position in shares of Progressive in the 2nd quarter valued at $38,000. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Progressive in the 2nd quarter worth $629,000. Finally, Rakuten Investment Management Inc. bought a new position in shares of Progressive in the 2nd quarter worth $21,021,000. 85.34% of the stock is owned by hedge funds and other institutional investors.
Progressive Company Profile
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.
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