The Progressive Co. (NYSE:PGR) Insider Sells $234,044.98 in Stock

The Progressive Co. (NYSE:PGR) insider Andrew J. Quigg sold 962 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $234,044.98. Following the sale, the insider now owns 34,787 shares of the company’s stock, valued at $8,463,329.23. This trade represents a 2.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Progressive Stock Performance

PGR stock traded up $0.41 during trading on Thursday, reaching $239.58. The company had a trading volume of 2,554,398 shares, compared to its average volume of 2,671,414. The firm has a 50-day simple moving average of $248.98 and a 200-day simple moving average of $243.14. The company has a market cap of $140.35 billion, a price-to-earnings ratio of 17.41, a price-to-earnings-growth ratio of 0.63 and a beta of 0.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a twelve month low of $175.50 and a twelve month high of $270.62.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.17%. The ex-dividend date was Friday, January 10th. Progressive’s dividend payout ratio is currently 2.91%.

Hedge Funds Weigh In On Progressive

Several large investors have recently made changes to their positions in PGR. Davis Capital Management acquired a new position in Progressive in the third quarter valued at about $25,000. Webster Bank N. A. purchased a new position in Progressive in the fourth quarter valued at approximately $26,000. DiNuzzo Private Wealth Inc. increased its stake in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Kimelman & Baird LLC purchased a new position in Progressive in the second quarter valued at approximately $36,000. Finally, Friedenthal Financial purchased a new position in shares of Progressive during the third quarter worth approximately $49,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wells Fargo & Company lifted their target price on shares of Progressive from $299.00 to $302.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Bank of America boosted their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a research note on Tuesday, December 10th. Hsbc Global Res downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, Raymond James upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a research report on Thursday, December 26th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $274.65.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.