The Progressive Co. (NYSE:PGR) CAO Sells $46,241.10 in Stock

The Progressive Co. (NYSE:PGR) CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now directly owns 3,982 shares of the company’s stock, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Progressive Trading Down 1.1 %

Shares of Progressive stock opened at $239.55 on Tuesday. The Progressive Co. has a fifty-two week low of $162.35 and a fifty-two week high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $140.33 billion, a P/E ratio of 17.41, a P/E/G ratio of 0.70 and a beta of 0.41. The company has a fifty day moving average of $251.45 and a 200 day moving average of $240.70.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. On average, sell-side analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. The ex-dividend date is Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Hedge Funds Weigh In On Progressive

Several institutional investors have recently bought and sold shares of the stock. Capital Market Strategies LLC grew its position in shares of Progressive by 28.8% during the fourth quarter. Capital Market Strategies LLC now owns 1,665 shares of the insurance provider’s stock valued at $399,000 after purchasing an additional 372 shares in the last quarter. CWA Asset Management Group LLC grew its holdings in Progressive by 4.4% during the 4th quarter. CWA Asset Management Group LLC now owns 3,764 shares of the insurance provider’s stock valued at $902,000 after buying an additional 157 shares in the last quarter. Nordea Investment Management AB increased its stake in Progressive by 30.5% in the 4th quarter. Nordea Investment Management AB now owns 1,069,697 shares of the insurance provider’s stock worth $255,882,000 after acquiring an additional 249,958 shares during the last quarter. Everence Capital Management Inc. raised its holdings in shares of Progressive by 22.4% during the 4th quarter. Everence Capital Management Inc. now owns 25,520 shares of the insurance provider’s stock worth $6,115,000 after acquiring an additional 4,670 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Progressive by 4.8% during the 4th quarter. GAMMA Investing LLC now owns 7,734 shares of the insurance provider’s stock valued at $1,853,000 after acquiring an additional 354 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PGR. The Goldman Sachs Group boosted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Evercore ISI increased their price target on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Roth Mkm lifted their price objective on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. Finally, Wells Fargo & Company boosted their price target on Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $275.00.

Progressive Company Profile

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.