M Jeffrey Charney Sells 10,000 Shares of Progressive Corp (PGR) Stock

Progressive Corp (NYSE:PGR) CMO M Jeffrey Charney sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $76.59, for a total transaction of $765,900.00. Following the completion of the transaction, the chief marketing officer now owns 127,304 shares in the company, valued at $9,750,213.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

M Jeffrey Charney also recently made the following trade(s):

  • On Thursday, January 31st, M Jeffrey Charney sold 18,000 shares of Progressive stock. The shares were sold at an average price of $66.58, for a total transaction of $1,198,440.00.

PGR opened at $75.00 on Friday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $43.80 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 1.94 and a beta of 0.77. Progressive Corp has a twelve month low of $56.71 and a twelve month high of $77.34.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.45. The company had revenue of $9.24 billion for the quarter, compared to analyst estimates of $9.20 billion. Progressive had a net margin of 8.16% and a return on equity of 24.83%. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period last year, the business posted $1.22 earnings per share. Research analysts predict that Progressive Corp will post 5.07 earnings per share for the current year.

The company also recently announced an annual dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, April 5th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, April 4th. This represents a yield of 0.14%. Progressive’s dividend payout ratio (DPR) is presently 59.05%.

Institutional investors and hedge funds have recently bought and sold shares of the business. Lindbrook Capital LLC acquired a new stake in Progressive in the fourth quarter worth $27,000. Liberty Wealth Management LLC acquired a new stake in shares of Progressive during the fourth quarter worth $30,000. Karp Capital Management Corp acquired a new stake in shares of Progressive during the fourth quarter worth $32,000. Capital Investment Advisory Services LLC acquired a new stake in shares of Progressive during the fourth quarter worth $33,000. Finally, Capital Financial Planning LLC acquired a new stake in shares of Progressive during the fourth quarter worth $33,000. Institutional investors own 80.57% of the company’s stock.

Several equities analysts recently weighed in on the stock. Credit Suisse Group increased their price objective on shares of Progressive from $80.00 to $84.00 and gave the company an “outperform” rating in a report on Wednesday. Wells Fargo & Co restated a “hold” rating and issued a $73.00 price objective on shares of Progressive in a report on Thursday, February 28th. Barclays increased their price objective on shares of Progressive from $81.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Citigroup increased 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. Finally, Zacks Investment Research upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Wednesday, January 2nd. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Progressive presently has an average rating of “Buy” and a consensus price target of $73.71.

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About Progressive

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, Property, and Other Indemnity.

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