Investors Purchase Large Volume of Progressive Call Options (PGR)

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Progressive Corp (NYSE:PGR) saw some unusual options trading activity on Tuesday. Investors bought 6,195 call options on the stock. This is an increase of 1,347% compared to the average volume of 428 call options.

A number of analysts have recently issued reports on the stock. Barclays raised their price target on shares of Progressive from $81.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Wells Fargo & Co reaffirmed a “hold” rating and set a $73.00 price target on shares of Progressive in a report on Wednesday, March 13th. Credit Suisse Group raised their price target on shares of Progressive from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, March 7th. Citigroup raised their price target 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 raised shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Wednesday, January 2nd. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Progressive currently has an average rating of “Buy” and an average target price of $73.43.

In related news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction dated Friday, January 25th. The shares were sold at an average price of $65.27, for a total transaction of $783,240.00. Following the sale, the chief financial officer now directly owns 392,019 shares of the company’s stock, valued at approximately $25,587,080.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 2,500 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $72.93, for a total transaction of $182,325.00. The disclosure for this sale can be found here. Insiders have sold a total of 114,100 shares of company stock worth $7,722,825 over the last three months. 0.39% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the company. Lindbrook Capital LLC bought a new position in shares of Progressive in the 4th quarter worth approximately $27,000. Liberty Wealth Management LLC bought a new position in shares of Progressive in the 4th quarter worth approximately $30,000. Karp Capital Management Corp bought a new position in shares of Progressive in the 4th quarter worth approximately $32,000. Capital Investment Advisory Services LLC bought a new position in shares of Progressive in the 4th quarter worth approximately $33,000. Finally, Capital Financial Planning LLC bought a new stake in Progressive during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 80.57% of the company’s stock.

Shares of NYSE PGR opened at $77.26 on Wednesday. Progressive has a 52-week low of $56.71 and a 52-week high of $77.30. 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 stock has a market cap of $42.20 billion, a PE ratio of 17.48, a P/E/G ratio of 1.94 and a beta of 0.77.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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. Progressive had a net margin of 8.16% and a return on equity of 24.83%. The firm had revenue of $9.24 billion for the quarter, compared to analysts’ expectations of $9.20 billion. During the same quarter in the prior year, the business earned $1.22 EPS. The business’s quarterly revenue was up 16.0% on a year-over-year basis. On average, equities research analysts forecast that Progressive will post 5.07 earnings per share for the current fiscal year.

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

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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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