Andrew Quigg Sells 3,499 Shares of Progressive (NYSE:PGR) Stock

The Progressive Corporation (NYSE:PGR) CFO Andrew Quigg sold 3,499 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the transaction, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Progressive Price Performance

Shares of Progressive stock traded up $2.16 during trading on Wednesday, hitting $221.68. 989,814 shares of the company’s stock traded hands, compared to its average volume of 3,276,255. The company has a market cap of $129.54 billion, a PE ratio of 11.10, a PEG ratio of 2.91 and a beta of 0.26. The firm’s fifty day moving average price is $210.45 and its 200 day moving average price is $205.97. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $254.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, July 2nd. Progressive’s dividend payout ratio (DPR) is 2.01%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Brighton Jones LLC raised its position in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new stake in Progressive in the 4th quarter valued at about $269,000. Bison Wealth LLC grew its holdings in Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after purchasing an additional 80 shares during the period. HUB Investment Partners LLC raised its stake in Progressive by 7.8% in the second quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock valued at $609,000 after buying an additional 166 shares during the period. Finally, Diversify Wealth Management LLC lifted its position in shares of Progressive by 12.0% in the second quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock valued at $3,681,000 after buying an additional 1,622 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. UBS Group lifted their price objective on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research note on Friday, May 22nd. Wells Fargo & Company cut their price objective on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday, July 16th. Keefe, Bruyette & Woods lowered their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a research note on Thursday, July 16th. Finally, Evercore set a $240.00 price objective on shares of Progressive in a report on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $236.11.

About Progressive

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.