Insider Selling: The Progressive Co. (NYSE:PGR) Insider Sells 4,669 Shares of Stock

The Progressive Co. (NYSE:PGR) insider Patrick K. Callahan sold 4,669 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the sale, the insider now directly owns 15,191 shares in the company, valued at $4,248,922.70. The trade was a 23.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Progressive Trading Up 0.9 %

Shares of NYSE PGR traded up $2.65 during trading on Monday, hitting $282.47. 1,597,081 shares of the company were exchanged, compared to its average volume of 2,604,326. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a 12-month low of $195.43 and a 12-month high of $287.49. The company has a fifty day moving average price of $254.23 and a 200-day moving average price of $252.81. The firm has a market capitalization of $165.58 billion, a PE ratio of 19.61, a P/E/G ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, equities research analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Progressive’s dividend payout ratio is currently 2.78%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Hsbc Global Res cut Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Bank of America lowered their price target on Progressive from $333.00 to $318.00 and set a “buy” rating on the stock in a research report on Monday. Roth Mkm boosted their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Finally, HSBC cut shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target on the stock. in a research note on Tuesday, December 10th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and a consensus price target of $276.59.

Hedge Funds Weigh In On Progressive

Several hedge funds have recently added to or reduced their stakes in the stock. Webster Bank N. A. acquired a new position in shares of Progressive in the 4th quarter valued at $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive during the fourth quarter worth about $28,000. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive during the fourth quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares during the last quarter. Finally, Valley National Advisers Inc. boosted its position in shares of Progressive by 3,000.0% in the 4th quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 120 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

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.