The Progressive Co. (NYSE:PGR) Insider Steven Broz Sells 2,981 Shares

The Progressive Co. (NYSE:PGR) insider Steven Broz sold 2,981 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Steven Broz also recently made the following trade(s):

• On Monday, September 23rd, Steven Broz sold 2,982 shares of Progressive stock. The stock was sold at an average price of $260.00, for a total value of $775,320.00.
• On Monday, August 19th, Steven Broz sold 6,122 shares of Progressive stock. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18.

Progressive Stock Performance

NYSE:PGR traded down $0.84 during trading hours on Wednesday, reaching $247.41. 170,295 shares of the stock were exchanged, compared to its average volume of 2,481,858. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $144.90 billion, a P/E ratio of 17.94, a P/E/G ratio of 0.69 and a beta of 0.35. The firm has a 50 day simple moving average of $249.88 and a 200-day simple moving average of $224.79.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.16%. Progressive’s payout ratio is 2.91%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. BMO Capital Markets reduced their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Piper Sandler boosted their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Finally, Wells Fargo & Company increased their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $263.19.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PGR. Vanguard Group Inc. raised its stake in Progressive by 0.6% during the first quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock worth $10,703,318,000 after acquiring an additional 285,070 shares during the period. Capital International Investors grew its holdings in shares of Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after purchasing an additional 670,006 shares during the last quarter. Legal & General Group Plc raised its position in shares of Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after purchasing an additional 92,212 shares during the period. American Century Companies Inc. lifted its holdings in shares of Progressive by 3.0% in the 2nd quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock worth $497,003,000 after purchasing an additional 69,709 shares during the last quarter. Finally, TD Asset Management Inc boosted its position in Progressive by 16.8% during the 1st quarter. TD Asset Management Inc now owns 1,698,526 shares of the insurance provider’s stock valued at $351,289,000 after purchasing an additional 244,541 shares during the period. 85.34% of the stock is currently owned by institutional investors.

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.