The Progressive Co. (NYSE:PGR) CAO Carl G. Joyce Sells 360 Shares

The Progressive Co. (NYSE:PGR) CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares of the company’s stock, valued at $180,891.35. This trade represents a 35.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Progressive Price Performance

Shares of Progressive stock traded up $1.21 on Monday, hitting $274.07. The company’s stock had a trading volume of 2,514,504 shares, compared to its average volume of 2,854,106. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The firm has a fifty day moving average price of $261.96 and a 200-day moving average price of $255.01. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The company has a market capitalization of $160.66 billion, a P/E ratio of 19.03, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35.

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

Progressive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders 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 dividend yield of 0.15%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio is presently 2.78%.

Analyst Ratings Changes

PGR has been the subject of several analyst reports. Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 target price for the company in a report on Thursday, December 26th. Keefe, Bruyette & Woods increased their price target on shares of Progressive from $294.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday. Wells Fargo & Company lifted their price target on shares of Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Hsbc Global Res lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, Bank of America reduced their price target on shares of Progressive from $318.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $281.06.

Institutional Investors Weigh In On Progressive

Several hedge funds have recently made changes to their positions in the business. Mascagni Wealth Management Inc. purchased a new position in Progressive during the fourth quarter worth about $54,000. 111 Capital acquired a new position in Progressive in the fourth quarter valued at $4,134,000. Wealth Enhancement Advisory Services LLC grew its position in Progressive by 36.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 175,853 shares of the insurance provider’s stock valued at $42,136,000 after acquiring an additional 46,915 shares during the period. TFR Capital LLC. acquired a new position in shares of Progressive in the 4th quarter valued at about $1,712,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Progressive during the 4th quarter worth about $118,434,000. Institutional investors and hedge funds 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.