Shares of The Progressive Co. (NYSE:PGR – Get Rating) saw unusually-strong trading volume on Wednesday after Bank of America raised their price target on the stock from $188.00 to $197.00. Approximately 1,498,004 shares changed hands during trading, a decline of 40% from the previous session’s volume of 2,506,796 shares.The stock last traded at $124.75 and had previously closed at $128.31.
Several other analysts also recently weighed in on PGR. Barclays cut their price target on Progressive from $123.00 to $121.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 12th. Raymond James lifted their price target on Progressive from $145.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, January 26th. Credit Suisse Group reiterated a “neutral” rating and issued a $143.00 price target on shares of Progressive in a research note on Friday, April 14th. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Saturday, April 8th. Finally, Citigroup dropped their target price on shares of Progressive from $124.00 to $121.00 in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $148.00.
Insider Buying and Selling at Progressive
In other Progressive news, CEO Susan Patricia Griffith sold 15,473 shares of the business’s stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $142.64, for a total transaction of $2,207,068.72. Following the completion of the sale, the chief executive officer now directly owns 431,811 shares in the company, valued at approximately $61,593,521.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Progressive news, insider Steven Broz sold 930 shares of the business’s stock in a transaction dated Friday, April 21st. The stock was sold at an average price of $137.79, for a total transaction of $128,144.70. Following the completion of the sale, the insider now directly owns 27,251 shares in the company, valued at approximately $3,754,915.29. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 15,473 shares of the business’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $142.64, for a total value of $2,207,068.72. Following the sale, the chief executive officer now owns 431,811 shares of the company’s stock, valued at $61,593,521.04. The disclosure for this sale can be found here. Insiders sold a total of 24,987 shares of company stock worth $3,532,227 in the last three months. 0.34% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the stock. Aspire Private Capital LLC bought a new position in shares of Progressive during the 1st quarter valued at approximately $18,597,800,000. MinichMacGregor Wealth Management LLC bought a new position in shares of Progressive during the 4th quarter valued at approximately $26,000. Capital Directions Investment Advisors LLC bought a new position in shares of Progressive during the 4th quarter valued at approximately $27,000. Horan Securities Inc. grew its stake in shares of Progressive by 588.6% during the 1st quarter. Horan Securities Inc. now owns 241 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 206 shares during the period. Finally, Arlington Partners LLC grew its stake in shares of Progressive by 47.1% during the 1st quarter. Arlington Partners LLC now owns 256 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 82 shares during the period. 83.19% of the stock is currently owned by institutional investors.
Progressive Trading Down 2.5 %
The stock has a 50 day moving average of $140.55 and a 200-day moving average of $134.17. The company has a market capitalization of $73.20 billion, a P/E ratio of 88.69, a P/E/G ratio of 0.93 and a beta of 0.50. The company has a current ratio of 0.40, a quick ratio of 0.37 and a debt-to-equity ratio of 0.38.
Progressive Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Thursday, April 6th were paid a $0.10 dividend. The ex-dividend date was Wednesday, April 5th. This represents a $0.40 annualized dividend and a yield of 0.32%. Progressive’s payout ratio is 28.37%.
About Progressive
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Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, and Property.
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