Progressive (NYSE:PGR) Shares Gap Up to $135.06

The Progressive Co. (NYSE:PGR – Get Rating) shares gapped up before the market opened on Thursday . The stock had previously closed at $135.06, but opened at $138.67. Progressive shares last traded at $139.79, with a volume of 349,449 shares changing hands.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research analyst reports. Piper Sandler raised Progressive from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $133.00 to $138.00 in a research report on Monday, February 13th. Roth Mkm lifted their target price on Progressive from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, February 16th. Wells Fargo & Company raised Progressive from an “underweight” rating to an “overweight” rating and lifted their target price for the company from $116.00 to $158.00 in a research report on Thursday. Citigroup lifted their target price on Progressive from $109.00 to $111.00 and gave the company a “sell” rating in a research report on Wednesday, February 1st. Finally, Keefe, Bruyette & Woods lifted their target price on Progressive from $127.00 to $140.00 and gave the company a “market perform” rating in a research report on Friday, February 17th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $139.85.

Progressive Trading Down 4.6 %

The company has a 50-day moving average price of $137.74 and a 200 day moving average price of $130.25. The stock has a market capitalization of $79.79 billion, a P/E ratio of 115.53, a price-to-earnings-growth ratio of 0.90 and a beta of 0.50. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.41.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Thursday, April 6th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.29%. The ex-dividend date of this dividend is Wednesday, April 5th. Progressive’s dividend payout ratio is currently 33.90%.

Insider Activity at Progressive

In related news, insider Daniel P. Mascaro sold 3,930 shares of the company’s stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $126.55, for a total transaction of $497,341.50. Following the transaction, the insider now directly owns 38,888 shares of the company’s stock, valued at approximately $4,921,276.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Progressive news, CEO Susan Patricia Griffith sold 26,885 shares of the business’s stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $130.36, for a total transaction of $3,504,728.60. Following the sale, the chief executive officer now owns 431,810 shares in the company, valued at approximately $56,290,751.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Daniel P. Mascaro sold 3,930 shares of the business’s stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $126.55, for a total value of $497,341.50. Following the sale, the insider now owns 38,888 shares in the company, valued at approximately $4,921,276.40. The disclosure for this sale can be found here. Insiders have sold 54,140 shares of company stock valued at $7,273,080 in the last ninety days. Corporate insiders own 0.37% of the company’s stock.

Institutional Trading of Progressive

Several large investors have recently added to or reduced their stakes in the company. MinichMacGregor Wealth Management LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $26,000. Capital Directions Investment Advisors LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $27,000. Wagner Wealth Management LLC purchased a new stake in shares of Progressive in the second quarter worth about $35,000. RFP Financial Group LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $39,000. Finally, Coppell Advisory Solutions Corp. purchased a new stake in shares of Progressive in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 83.19% of the company’s stock.

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.