The Progressive Insider Unloads $1,215,120 in Stock (PGR)
The Progressive (NYSE:PGR) Insider Raymond M. Voelker sold 49,800 shares of The Progressive stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $24.40, for a total value of $1,215,120.00. Following the completion of the transaction, the insider now directly owns 28,567 shares of the company’s stock, valued at approximately $697,035. The sale was disclosed in a legal filing with the SEC, which is available at this link.
PGR has been the subject of a number of recent research reports. Analysts at Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of The Progressive in a research note on Thursday. They now have a $23.00 price target on the stock, up previously from $22.50. Separately, analysts at Citigroup Inc. upgraded shares of The Progressive from a “neutral” rating to a “buy” rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $23.75.
Shares of The Progressive (NYSE:PGR) traded up 0.49% during mid-day trading on Monday, hitting $24.68. The stock had a trading volume of 3,212,667 shares. The Progressive has a 1-year low of $22.53 and a 1-year high of $28.54. The stock’s 50-day moving average is $24.28 and its 200-day moving average is $24.32. The company has a market cap of $14.598 billion and a P/E ratio of 12.87.
The Progressive (NYSE:PGR) last announced its quarterly earnings results on Thursday, July 10th. The company reported $0.49 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.48 by $0.01. The company had revenue of $4.63 billion for the quarter, compared to the consensus estimate of $4.64 billion. During the same quarter last year, the company posted $0.54 earnings per share. The Progressive’s revenue was up 5.5% compared to the same quarter last year. Analysts expect that The Progressive will post $1.65 EPS 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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