Patrick K. Callahan Sells 7,696 Shares of The Progressive Co. (NYSE:PGR) Stock

The Progressive Co. (NYSE:PGR) insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the transaction, the insider now directly owns 15,189 shares in the company, valued at $3,876,384.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Progressive Trading Down 0.6 %

NYSE:PGR opened at $257.60 on Tuesday. The Progressive Co. has a 12 month low of $137.59 and a 12 month high of $260.46. The firm has a fifty day simple moving average of $234.97 and a 200-day simple moving average of $217.84. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $150.88 billion, a P/E ratio of 26.37, a PEG ratio of 0.74 and a beta of 0.35.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 16th. The insurance provider reported $2.65 EPS for the quarter, topping the consensus estimate of $2.04 by $0.61. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.54 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, equities research analysts anticipate that The Progressive Co. will post 12.7 earnings per share for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Thursday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PGR. Northwest Bank & Trust Co purchased a new position in shares of Progressive during the fourth quarter worth $25,000. WR Wealth Planners LLC increased its holdings in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares in the last quarter. Indiana Trust & Investment Management CO purchased a new position in Progressive in the first quarter valued at $32,000. Hilltop National Bank increased its holdings in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares in the last quarter. Finally, Register Financial Advisors LLC purchased a new position in Progressive in the first quarter valued at $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of research reports. Piper Sandler raised their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Wells Fargo & Company increased their price objective on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Morgan Stanley increased their price objective on shares of Progressive from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, Barclays began coverage on shares of Progressive in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $367.00 price objective on the stock. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $257.18.

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.