John P. Sauerland Sells 12,000 Shares of Progressive Corp (PGR) Stock

Progressive Corp (NYSE:PGR) CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Friday, February 15th. The stock was sold at an average price of $71.37, for a total transaction of $856,440.00. Following the completion of the transaction, the chief financial officer now directly owns 380,019 shares in the company, valued at $27,121,956.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of PGR opened at $72.48 on Thursday. The firm has a market cap of $41.80 billion, a PE ratio of 16.40, a P/E/G ratio of 1.92 and a beta of 0.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.42 and a current ratio of 0.32. Progressive Corp has a 1-year low of $56.59 and a 1-year high of $73.69.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 23rd. The insurance provider reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.57). The company had revenue of $7.94 billion for the quarter, compared to analysts’ expectations of $7.86 billion. Progressive had a net margin of 8.16% and a return on equity of 24.54%. Progressive’s quarterly revenue was up 17.6% compared to the same quarter last year. During the same period last year, the firm earned $0.98 earnings per share. Sell-side analysts anticipate that Progressive Corp will post 5.05 EPS for the current fiscal year.

The firm also recently declared an annual dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, April 5th will be issued a $0.10 dividend. This represents a yield of 0.14%. The ex-dividend date is Thursday, April 4th. Progressive’s payout ratio is 56.79%.

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Progressive by 1.4% in the third quarter. Vanguard Group Inc. now owns 42,481,196 shares of the insurance provider’s stock valued at $3,017,865,000 after purchasing an additional 582,761 shares during the last quarter. Vanguard Group Inc boosted its holdings in Progressive by 1.4% in the third quarter. Vanguard Group Inc now owns 42,481,196 shares of the insurance provider’s stock valued at $3,017,865,000 after purchasing an additional 582,761 shares during the last quarter. BlackRock Inc. boosted its holdings in Progressive by 5.2% in the third quarter. BlackRock Inc. now owns 41,533,608 shares of the insurance provider’s stock valued at $2,950,547,000 after purchasing an additional 2,048,705 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Progressive by 3.0% in the third quarter. Janus Henderson Group PLC now owns 12,457,383 shares of the insurance provider’s stock valued at $884,970,000 after purchasing an additional 361,810 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Progressive by 4.5% in the third quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock valued at $779,788,000 after purchasing an additional 476,696 shares during the last quarter. 80.26% of the stock is currently owned by institutional investors.

Several research firms have issued reports on PGR. Morgan Stanley raised shares of Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price target on the stock in a report on Wednesday, November 7th. Barclays boosted their price objective on shares of Progressive from $59.00 to $67.00 and gave the company an “underweight” rating in a report on Monday, November 12th. Citigroup boosted their price objective on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, February 14th. Credit Suisse Group set a $79.00 price objective on shares of Progressive and gave the company a “buy” rating in a report on Wednesday, November 14th. Finally, Wells Fargo & Co set a $69.00 price objective on shares of Progressive and gave the company a “hold” rating in a report on Thursday, November 1st. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Progressive presently has an average rating of “Buy” and an average price target of $72.00.

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About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Insider Buying and Selling by Quarter for Progressive (NYSE:PGR)

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