Insider Selling: The Progressive Co. (NYSE:PGR) CAO Sells 360 Shares of Stock

The Progressive Co. (NYSE:PGR - Get Free Report) CAO Carl G. Joyce sold 360 shares of the firm's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the transaction, the chief accounting officer now directly owns 655 shares in the company, valued at $180,891.35. The trade was a 35.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Progressive Stock Up 1.6 %

Shares of PGR stock traded up $4.46 during trading hours on Friday, reaching $279.13. 3,349,595 shares of the company's stock were exchanged, compared to its average volume of 2,571,511. The stock has a market cap of $163.64 billion, a PE ratio of 19.38, a PEG ratio of 1.70 and a beta of 0.35. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock's fifty day moving average price is $264.61 and its two-hundred day moving average price is $255.62.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating analysts' consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. Research analysts predict that The Progressive Co. will post 14.68 EPS for the current year.

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Progressive Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Kesler Norman & Wride LLC increased its stake in 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 boosted its stake in shares of Progressive by 54.7% in the fourth 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 during the period. LRI Investments LLC grew its holdings in shares of Progressive by 16.5% in the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock valued at $76,000 after purchasing an additional 42 shares in the last quarter. Washington Trust Bank increased its stake in Progressive by 4.1% during the 4th quarter. Washington Trust Bank now owns 1,066 shares of the insurance provider's stock worth $255,000 after buying an additional 42 shares during the period. Finally, SYM FINANCIAL Corp lifted its holdings in Progressive by 2.8% during the 4th quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock worth $384,000 after buying an additional 44 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PGR shares. Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $294.00 to $300.00 and gave the company an "outperform" rating in a report on Thursday, March 20th. BMO Capital Markets reduced their target price on Progressive from $273.00 to $267.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. UBS Group increased their target price on shares of Progressive from $275.00 to $285.00 and gave the company a "neutral" rating in a report on Friday, March 14th. StockNews.com upgraded Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, March 22nd. Finally, Hsbc Global Res lowered shares of Progressive from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $281.06.

About Progressive

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.