Carl G. Joyce of Progressive Co. Sells Shares

The Progressive Co. (NYSE:PGR) Chief Accounting Officer, Carl G. Joyce, recently sold 360 shares of the firm's stock in a transaction that took place on March 21st. The shares were sold at an average price of $276.17, totaling $99,421.20. After this sale, Joyce now owns 655 shares in the company, valued at approximately $180,891.35. This sale marks a significant decrease of 35.47% in his holdings. This transaction has been officially reported in a filing with the Securities and Exchange Commission (SEC), which is available for public viewing.

Recent Performance of Progressive Stock

On the trading day following the sale, shares of Progressive increased by $1.21, reaching $274.07. During the trading session, a total of 2,514,504 shares changed hands, which is lower than the average trading volume of 2,854,106 shares. The company has financial ratios showing a quick ratio of 0.30 and a current ratio of 0.31, along with a debt-to-equity ratio of 0.27. Additionally, Progressive has a fifty-day moving average of $261.96 and a 200-day moving average of $255.01. Over the last year, the stock has had a 52-week low of $201.34 and a high of $292.99. The market capitalization for The Progressive Co. stands at $160.66 billion, with a price-to-earnings (P/E) ratio of 19.03 and a price-to-earnings-growth (PEG) ratio of 1.70.

Recent Earnings Announcement

The Progressive Co. last reported its quarterly earnings on January 29th, with earnings per share of $4.08, exceeding the expected consensus of $3.44 by $0.64. The company's return on equity was recorded at 33.79%, and its net profit margin stood at 11.25%. Analysts forecast that Progressive will achieve earnings of $14.68 per share for the current fiscal year.

Dividend Information

Progressive has also announced a quarterly dividend, which will be distributed on April 11th. Shareholders who are recorded by April 3rd will receive a dividend of $0.10 per share. This amounts to an annualized dividend of $0.40, resulting in a yield of 0.15%. The ex-dividend date is set for April 3rd, with the current dividend payout ratio at 2.78%.

Changes in Analyst Ratings

Progressive has been subject to various analyst evaluations recently. Raymond James upgraded the company from "market perform" to "outperform" with a target price of $305. Keefe, Bruyette & Woods raised their price target from $294 to $300 with an "outperform" rating. Wells Fargo increased their target from $313 to $317, also assigning an "overweight" rating. Conversely, HSBC Global Research downgraded Progressive from a "strong-buy" to a "hold" rating. Currently, out of nineteen analysts, six have rated the stock as a hold, while thirteen have assigned it a buy rating. MarketBeat reports a consensus rating of "Moderate Buy" with an average price target set at $281.06.

Institutional Investor Activities

Several institutional investors have adjusted their positions in Progressive recently. Mascagni Wealth Management Inc. acquired a new stake valued at around $54,000 in the fourth quarter. 111 Capital purchased a new stake worth $4,134,000. Wealth Enhancement Advisory Services LLC increased their holdings by 36.4%, owning 175,853 shares valued at $42,136,000 after adding 46,915 shares. TFR Capital LLC initiated a position with an investment valued at $1,712,000, while Universal Beteiligungs und Servicegesellschaft mbH acquired a significant new stake worth approximately $118,434,000. Overall, institutional investors and hedge funds own 85.34% of Progressive's stock.

About The Progressive Corporation

The Progressive Corporation is an insurance holding company that offers personal and commercial auto insurance, residential and commercial property insurance, as well as specialty insurance and related services within the United States. It operates through three main segments: Personal Lines, Commercial Lines, and Property.

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