Progressive (NYSE:PGR) Shares Gap Down – Here’s Why

The Progressive Co. (NYSE:PGR)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $245.05, but opened at $238.42. Progressive shares last traded at $249.17, with a volume of 501,285 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Barclays reduced their price objective on Progressive from $277.00 to $261.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Jefferies Financial Group boosted their price target on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. BMO Capital Markets dropped their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Morgan Stanley decreased their target price on shares of Progressive from $310.00 to $300.00 and set an “overweight” rating for the company in a research note on Tuesday, January 21st. Finally, Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target on the stock in a research report on Thursday, December 26th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $275.29.

Progressive Stock Up 1.1 %

The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The company has a market cap of $145.98 billion, a PE ratio of 17.31, a P/E/G ratio of 0.64 and a beta of 0.41. The business’s 50 day moving average is $247.67 and its 200-day moving average is $244.27.

Progressive (NYSE:PGR) last issued its 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 net margin of 11.25% and a return on equity of 34.32%. As a group, analysts predict that The Progressive Co. will post 14.03 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is presently 2.78%.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew J. Quigg sold 962 shares of the company’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 transaction, the insider now owns 34,787 shares of the company’s stock, valued at approximately $8,463,329.23. The trade was a 2.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 52,506 shares of company stock valued at $13,031,159 over the last three months. 0.34% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Progressive

A number of institutional investors have recently added to or reduced their stakes in the business. Davis Capital Management acquired a new position in Progressive during the third quarter worth $25,000. Webster Bank N. A. purchased a new stake in Progressive during the 4th quarter worth about $26,000. Hager Investment Management Services LLC purchased a new position in Progressive in the 4th quarter valued at about $28,000. Atlantic Edge Private Wealth Management LLC lifted its stake in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 41 shares during the period. Finally, Valley National Advisers Inc. lifted its position in Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after buying an additional 120 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

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.