Insider Selling: Progressive Corp. Insider Unloads 42,000 Shares of Stock (PGR)
Progressive Corp. (NYSE:PGR) Insider Raymond Voelker unloaded 42,000 shares of the company’s stock on the open market in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $26.25, for a total value of $1,102,500.00. Following the sale, the insider now directly owns 52,213 shares of the company’s stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
A number of analysts have recently weighed in on PGR shares. Analysts at Zacks reiterated a “neutral” rating on shares of Progressive Corp. (NYSE:PGR) in a research note to investors on Friday, August 23rd. They now have a $27.00 price target on the stock. Separately, analysts at Keefe, Bruyette & Woods cut their price target on shares of Progressive Corp. (NYSE:PGR) from $23.00 to $21.00 in a research note to investors on Wednesday, August 7th. They now have an “underperform” rating on the stock. Finally, analysts at FBR Capital Markets raised their price target on shares of Progressive Corp. (NYSE:PGR) from $24.00 to $26.00 in a research note to investors on Thursday, July 18th. They now have a “market perform” rating on the stock.
Eight research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. Progressive Corp. has a consensus rating of “Hold” and a consensus target price of $24.21.
Shares of Progressive Corp. (NYSE:PGR) traded up 1.52% on Wednesday, hitting $26.72. The stock had a trading volume of 3,741,428 shares. Progressive Corp. has a 1-year low of $20.63 and a 1-year high of $26.54. The stock has a 50-day moving average of $25.65 and a 200-day moving average of $25.40. The company has a market cap of $16.042 billion and a P/E ratio of 13.78.
Progressive Corp. (NYSE:PGR) last released its earnings data on Thursday, July 11th. The company reported $0.54 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.40 by $0.14. The company had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.38 billion. During the same quarter in the prior year, the company posted $0.19 earnings per share. The company’s quarterly revenue was up 6.2% on a year-over-year basis. On average, analysts predict that Progressive Corp. will post $1.59 earnings per share for the current fiscal year.
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and mutual insurance company affiliate provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services.
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