The Progressive CEO Sells $19,195,797 in Stock (PGR)
The Progressive (NYSE:PGR) CEO Glenn M. Renwick unloaded 743,159 shares of The Progressive stock on the open market in a transaction dated Monday, June 23rd. The shares were sold at an average price of $25.83, for a total transaction of $19,195,796.97. Following the sale, the chief executive officer now directly owns 1,329,394 shares in the company, valued at approximately $34,338,247. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of The Progressive (NYSE:PGR) traded down 0.62% during mid-day trading on Tuesday, hitting $25.46. The stock had a trading volume of 3,991,419 shares. The Progressive has a 52 week low of $22.53 and a 52 week high of $28.54. The stock’s 50-day moving average is $25. and its 200-day moving average is $24.. The company has a market cap of $15.072 billion and a P/E ratio of 13.08.
The Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 9th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.15. The company had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter in the previous year, the company posted $0.51 earnings per share. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. Analysts expect that The Progressive will post $1.64 EPS for the current fiscal year.
A number of research firms have recently commented on PGR. Analysts at Deutsche Bank upgraded shares of The Progressive from a “sell” rating to a “hold” rating in a research note on Monday, June 16th. They now have a $24.00 price target on the stock, up previously from $20.00. Separately, analysts at Citigroup Inc. reiterated a “hold” rating on shares of The Progressive in a research note on Tuesday, May 20th. They now have a $27.00 price target on the stock, up previously from $25.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of The Progressive in a research note on Friday, April 11th. They now have a $25.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. The Progressive has a consensus rating of “Hold” and an average target price of $24.72.
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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