The Progressive Co. (NYSE:PGR) CFO John P. Sauerland Sells 10,000 Shares of Stock

The Progressive Co. (NYSE:PGR) CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $210.40, for a total transaction of $2,104,000.00. Following the completion of the sale, the chief financial officer now owns 302,958 shares in the company, valued at approximately $63,742,363.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Progressive Price Performance

Shares of PGR stock opened at $209.46 on Tuesday. The stock has a 50 day moving average price of $209.49 and a 200 day moving average price of $193.84. The firm has a market capitalization of $122.68 billion, a P/E ratio of 21.44, a P/E/G ratio of 0.80 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $217.77.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion during the quarter, compared to analyst estimates of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 earnings per share. As a group, sell-side analysts predict that The Progressive Co. will post 11.27 earnings per share for the current year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd 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 0.19%. The ex-dividend date of this dividend is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Institutional Trading of Progressive

Several institutional investors and hedge funds have recently modified their holdings of PGR. Trexquant Investment LP bought a new position in shares of Progressive during the 3rd quarter worth $1,468,000. Schonfeld Strategic Advisors LLC grew its holdings in Progressive by 10.3% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 88,227 shares of the insurance provider’s stock worth $12,290,000 after acquiring an additional 8,227 shares in the last quarter. Truist Financial Corp increased its position in Progressive by 34.4% during the 3rd quarter. Truist Financial Corp now owns 141,085 shares of the insurance provider’s stock valued at $19,653,000 after purchasing an additional 36,080 shares during the period. Ariel Investments LLC raised its holdings in shares of Progressive by 11.8% in the 3rd quarter. Ariel Investments LLC now owns 1,416 shares of the insurance provider’s stock valued at $197,000 after purchasing an additional 149 shares in the last quarter. Finally, 140 Summer Partners LP purchased a new stake in shares of Progressive in the 3rd quarter worth approximately $61,097,000. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. UBS Group increased their target price on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Citigroup boosted their price target on shares of Progressive from $230.00 to $232.00 and gave the stock a “neutral” rating in a research report on Monday, June 17th. Wells Fargo & Company increased their price objective on shares of Progressive from $243.00 to $254.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. Finally, HSBC boosted their target price on shares of Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $216.81.

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.