The Progressive Co. (NYSE:PGR) CFO Sells $2,799,400.00 in Stock

The Progressive Co. (NYSE:PGR) CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $279.94, for a total value of $2,799,400.00. Following the completion of the transaction, the chief financial officer now directly owns 269,566 shares of the company’s stock, valued at approximately $75,462,306.04. The trade was a 3.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Progressive Stock Performance

Shares of PGR stock opened at $281.84 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 52 week low of $191.00 and a 52 week high of $287.49. The firm has a 50 day moving average of $252.70 and a 200-day moving average of $252.11. The company has a market cap of $165.11 billion, a price-to-earnings ratio of 19.57, a price-to-earnings-growth ratio of 1.70 and a beta of 0.42.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Analysts Set New Price Targets

PGR has been the subject of several recent research reports. Raymond James raised Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research note on Thursday, December 26th. BMO Capital Markets decreased their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Hsbc Global Res lowered shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Roth Mkm increased their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Finally, TD Cowen lifted their target price on 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $277.59.

Institutional Investors Weigh In On Progressive

Hedge funds have recently added to or reduced their stakes in the company. Webster Bank N. A. bought a new position in shares of Progressive in the 4th quarter worth $26,000. Hager Investment Management Services LLC bought a new stake in Progressive during the 4th quarter valued at $28,000. Atlantic Edge Private Wealth Management LLC raised its holdings in Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after buying an additional 41 shares during the last quarter. Minot DeBlois Advisors LLC bought a new position in shares of Progressive in the fourth quarter valued at $28,000. Finally, Valley National Advisers Inc. grew its holdings in shares of Progressive by 3,000.0% during the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock valued at $29,000 after buying an additional 120 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

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.