The Progressive Co. (NYSE:PGR) Insider Sells $234,044.98 in Stock

The Progressive Co. (NYSE:PGR) insider Andrew J. Quigg sold 962 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $234,044.98. Following the sale, the insider now owns 34,787 shares in the company, valued at approximately $8,463,329.23. The trade was a 2.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Progressive Stock Performance

PGR opened at $238.58 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12-month low of $175.50 and a 12-month high of $270.62. The business has a 50 day moving average of $248.62 and a 200-day moving average of $243.11. The stock has a market cap of $139.76 billion, a price-to-earnings ratio of 17.34, a PEG ratio of 0.62 and a beta of 0.41.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Shareholders of record on Thursday, January 9th were given a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. Progressive’s dividend payout ratio (DPR) is 2.91%.

Hedge Funds Weigh In On Progressive

Several institutional investors and hedge funds have recently modified their holdings of PGR. Raleigh Capital Management Inc. grew its stake in Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares during the period. LRI Investments LLC lifted its stake in Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock valued at $76,000 after buying an additional 42 shares during the period. SYM FINANCIAL Corp boosted its holdings in shares of Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock worth $384,000 after buying an additional 44 shares in the last quarter. Castleview Partners LLC grew its position in shares of Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after buying an additional 45 shares during the period. Finally, Washington Trust Bank increased its stake in shares of Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after acquiring an additional 45 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PGR has been the topic of several recent research reports. BMO Capital Markets dropped their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. JPMorgan Chase & Co. boosted their target price on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research note on Friday, January 3rd. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Bank of America lifted their price objective on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Finally, TD Cowen increased their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $274.65.

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.