Jeffrey Kelly Sells 7,000 Shares of Progressive (NYSE:PGR) Stock

The Progressive Corporation (NYSE:PGR) Director Jeffrey Kelly sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the transaction, the director directly owned 22,546 shares of the company’s stock, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Progressive Price Performance

NYSE PGR opened at $224.11 on Friday. The firm’s 50-day simple moving average is $201.86 and its two-hundred day simple moving average is $206.89. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $267.92. The company has a market cap of $130.96 billion, a PE ratio of 11.39, a price-to-earnings-growth ratio of 6.54 and a beta of 0.28.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same period in the previous year, the business earned $4.37 EPS. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. Research analysts predict that The Progressive Corporation will post 17.08 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is currently 2.03%.

Analyst Ratings Changes

A number of equities analysts have issued reports on PGR shares. Evercore restated a “negative” rating on shares of Progressive in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods increased their target price on shares of Progressive from $208.00 to $210.00 and gave the stock a “market perform” rating in a report on Thursday, June 18th. Bank of America cut their target price on Progressive from $331.00 to $313.00 and set a “buy” rating on the stock in a research note on Thursday, June 18th. Royal Bank Of Canada set a $208.00 price target on Progressive in a report on Friday, May 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $237.58.

Institutional Investors Weigh In On Progressive

A number of hedge funds and other institutional investors have recently bought and sold shares of PGR. Norges Bank bought a new stake in shares of Progressive during the fourth quarter valued at approximately $1,836,094,000. Capital International Investors lifted its position in Progressive by 78.9% in the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after acquiring an additional 6,045,732 shares in the last quarter. Wellington Management Group LLP lifted its position in Progressive by 181.8% in the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock valued at $1,481,615,000 after acquiring an additional 4,197,212 shares in the last quarter. Diamant Asset Management Inc. boosted its stake in Progressive by 19,724.0% during the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after purchasing an additional 4,048,351 shares during the last quarter. Finally, Capital Research Global Investors boosted its stake in Progressive by 26.1% during the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock valued at $2,757,905,000 after purchasing an additional 2,314,864 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.