The Progressive Co. (NYSE:PGR) Insider Patrick K. Callahan Sells 4,669 Shares

The Progressive Co. (NYSE:PGR) insider Patrick K. Callahan sold 4,669 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $279.70, for a total transaction of $1,305,919.30. Following the transaction, the insider now owns 15,191 shares of the company’s stock, valued at approximately $4,248,922.70. This represents a 23.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Progressive Price Performance

Progressive stock opened at $277.33 on Wednesday. The stock’s 50 day moving average price is $255.77 and its two-hundred day moving average price is $253.33. The stock has a market capitalization of $162.57 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 1.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a 52-week low of $195.57 and a 52-week high of $287.49.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Thursday, April 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PGR. BMO Capital Markets decreased their price target on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Morgan Stanley boosted their target price on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Roth Mkm increased their price target on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Thursday, March 6th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $276.59.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kesler Norman & Wride LLC raised its position in shares of Progressive by 1.1% during the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock worth $885,000 after purchasing an additional 40 shares during the period. Atlantic Edge Private Wealth Management LLC increased its stake in Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 41 shares in the last quarter. LRI Investments LLC raised its holdings in Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after buying an additional 42 shares during the last quarter. Washington Trust Bank lifted its stake in shares of Progressive by 4.1% in the fourth quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider’s stock valued at $255,000 after buying an additional 42 shares in the last quarter. Finally, SYM FINANCIAL Corp grew its holdings in shares of Progressive by 2.8% during the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider’s stock valued at $384,000 after buying an additional 44 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

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.