The Progressive Insider Sells $1,215,120 in Stock (PGR)
The Progressive (NYSE:PGR) Insider Raymond M. Voelker unloaded 49,800 shares of the company’s stock on the open market in a transaction dated Thursday, August 14th. The stock was sold at an average price of $24.40, for a total transaction of $1,215,120.00. Following the completion of the transaction, the insider now directly owns 28,567 shares in the company, valued at approximately $697,035. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Shares of The Progressive (NYSE:PGR) traded down 0.20% during mid-day trading on Wednesday, hitting $24.6499. 794,349 shares of the company’s stock traded hands. The Progressive has a one year low of $22.53 and a one year high of $28.54. The stock has a 50-day moving average of $24.27 and a 200-day moving average of $24.34. The company has a market cap of $14.580 billion and a P/E ratio of 12.94.
The Progressive (NYSE:PGR) last announced its earnings results on Thursday, July 10th. The company reported $0.49 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. Analysts expect that The Progressive will post $1.65 EPS for the current fiscal year.
A number of research firms have recently commented on PGR. Analysts at Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of The Progressive in a research note on Thursday, August 14th. 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, August 14th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. The Progressive presently has a consensus rating of “Hold” and a consensus target price of $23.75.
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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