Investors Purchase High Volume of Progressive Call Options (NYSE:PGR)

Posted by Defense World Staff on Jul 18th, 2023

The Progressive Co. (NYSE:PGR – Get Free Report) saw some unusual options trading on Monday. Stock investors bought 3,714 call options on the stock. This is an increase of 66% compared to the average volume of 2,242 call options.

Progressive Price Performance

NYSE:PGR opened at $121.95 on Tuesday. Progressive has a 52 week low of $109.42 and a 52 week high of $149.87. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $71.39 billion, a P/E ratio of 41.76, a P/E/G ratio of 0.93 and a beta of 0.50. The stock’s fifty day moving average is $130.60 and its two-hundred day moving average is $135.28.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, July 7th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.33%. Progressive’s dividend payout ratio is currently 13.70%.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 930 shares of the firm’s stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $137.79, for a total value of $128,144.70. Following the sale, the insider now directly owns 27,251 shares of the company’s stock, valued at $3,754,915.29. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 930 shares of the firm’s stock in a transaction that occurred on Friday, April 21st. The stock was sold at an average price of $137.79, for a total value of $128,144.70. Following the sale, the insider now directly owns 27,251 shares of the company’s stock, valued at $3,754,915.29. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $127.55, for a total value of $1,530,600.00. Following the completion of the sale, the chief financial officer now directly owns 333,507 shares in the company, valued at $42,538,817.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,930 shares of company stock valued at $3,520,185. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Progressive

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGR. Markel Corp raised its holdings in shares of Progressive by 4.1% in the 1st quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after buying an additional 29,750 shares during the period. Roundview Capital LLC raised its holdings in shares of Progressive by 0.8% in the 1st quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock valued at $5,595,000 after buying an additional 381 shares during the period. Cibc World Market Inc. raised its holdings in shares of Progressive by 3.9% in the 1st quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock valued at $763,000 after buying an additional 254 shares during the period. Moors & Cabot Inc. raised its holdings in shares of Progressive by 8.0% in the 1st quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock valued at $351,000 after buying an additional 228 shares during the period. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of Progressive by 103.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock valued at $800,000 after buying an additional 3,571 shares during the period. Hedge funds and other institutional investors own 83.72% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research analyst reports. Raymond James lowered their price target on Progressive from $145.00 to $140.00 in a research note on Monday. Credit Suisse Group reaffirmed a “neutral” rating and issued a $143.00 price target on shares of Progressive in a research note on Friday, April 14th. JPMorgan Chase & Co. raised Progressive from a “neutral” rating to an “overweight” rating and set a $146.00 price target on the stock in a research note on Monday. Citigroup lowered their price objective on Progressive from $123.00 to $106.00 and set a “sell” rating on the stock in a research note on Friday. Finally, Jefferies Financial Group boosted their price objective on Progressive from $159.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, April 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $144.27.

About Progressive

(Get Free Report)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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