Investors Sell Shares of Progressive (PGR) on Strength on Insider Selling

Traders sold shares of Progressive Corp (NYSE:PGR) on strength during trading hours on Tuesday after an insider sold shares in the company. $26.45 million flowed into the stock on the tick-up and $49.28 million flowed out of the stock on the tick-down, for a money net flow of $22.83 million out of the stock. Of all equities tracked, Progressive had the 0th highest net out-flow for the day. Progressive traded up $0.33 for the day and closed at $61.99Specifically, CEO Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $60.54, for a total value of $762,804.00. Following the sale, the chief executive officer now directly owns 222,723 shares in the company, valued at approximately $13,483,650.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, May 18th. The stock was sold at an average price of $60.52, for a total transaction of $726,240.00. Following the completion of the sale, the chief financial officer now owns 376,423 shares in the company, valued at $22,781,119.96. The disclosure for this sale can be found here. Insiders have sold a total of 37,600 shares of company stock worth $2,276,224 over the last 90 days. 0.70% of the stock is owned by insiders.

A number of analysts recently commented on PGR shares. Zacks Investment Research downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Wells Fargo & Co set a $57.00 target price on shares of Progressive and gave the stock a “hold” rating in a report on Wednesday, February 14th. MKM Partners boosted their target price on shares of Progressive to $70.00 and gave the stock a “buy” rating in a report on Tuesday, March 27th. Finally, UBS boosted their target price on shares of Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. Progressive has a consensus rating of “Hold” and a consensus price target of $55.06.

The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.39. The firm has a market cap of $35.91 billion, a PE ratio of 23.66, a P/E/G ratio of 2.08 and a beta of 0.66.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, May 2nd. The insurance provider reported $1.29 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.10. Progressive had a net margin of 6.75% and a return on equity of 18.90%. equities research analysts forecast that Progressive Corp will post 4.05 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Summit Trail Advisors LLC grew its position in Progressive by 4,577.8% during the first quarter. Summit Trail Advisors LLC now owns 2,306,527 shares of the insurance provider’s stock valued at $2,307,000 after purchasing an additional 2,257,219 shares in the last quarter. BlackRock Inc. grew its position in Progressive by 4.7% during the fourth quarter. BlackRock Inc. now owns 38,769,936 shares of the insurance provider’s stock valued at $2,183,522,000 after purchasing an additional 1,742,936 shares in the last quarter. JPMorgan Chase & Co. grew its position in Progressive by 16.2% during the first quarter. JPMorgan Chase & Co. now owns 11,676,418 shares of the insurance provider’s stock valued at $711,444,000 after purchasing an additional 1,630,692 shares in the last quarter. Artisan Partners Limited Partnership grew its position in Progressive by 9.6% during the first quarter. Artisan Partners Limited Partnership now owns 17,081,390 shares of the insurance provider’s stock valued at $1,040,769,000 after purchasing an additional 1,501,554 shares in the last quarter. Finally, Villere ST Denis J & Co. LLC purchased a new position in Progressive during the first quarter valued at approximately $83,910,000. Institutional investors and hedge funds own 79.89% of the company’s stock.

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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