RDA Financial Network Sells 189 Shares of The Progressive Co. (NYSE:PGR)

RDA Financial Network lowered its stake in The Progressive Co. (NYSE:PGR) by 10.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,586 shares of the insurance provider’s stock after selling 189 shares during the quarter. RDA Financial Network’s holdings in Progressive were worth $328,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. &PARTNERS purchased a new stake in shares of Progressive in the 1st quarter valued at about $412,000. Tuttle Capital Management LLC purchased a new stake in shares of Progressive in the 1st quarter valued at about $214,000. MJP Associates Inc. ADV purchased a new stake in shares of Progressive in the 1st quarter valued at about $556,000. Gulf International Bank UK Ltd raised its holdings in shares of Progressive by 5.5% in the 1st quarter. Gulf International Bank UK Ltd now owns 50,757 shares of the insurance provider’s stock valued at $10,497,000 after acquiring an additional 2,662 shares in the last quarter. Finally, First Affirmative Financial Network raised its holdings in shares of Progressive by 4.4% in the 1st quarter. First Affirmative Financial Network now owns 1,935 shares of the insurance provider’s stock valued at $400,000 after acquiring an additional 81 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 650 shares of Progressive stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $208.11, for a total transaction of $135,271.50. Following the sale, the chief accounting officer now directly owns 3,981 shares in the company, valued at $828,485.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO John P. Sauerland sold 12,457 shares of Progressive stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $204.43, for a total transaction of $2,546,584.51. Following the sale, the chief financial officer now directly owns 312,958 shares in the company, valued at $63,978,003.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the completion of the sale, the chief accounting officer now directly owns 3,981 shares in the company, valued at $828,485.91. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,468 shares of company stock worth $4,415,753. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of Progressive stock opened at $209.82 on Monday. The stock has a market capitalization of $122.89 billion, a P/E ratio of 21.29, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. The Progressive Co. has a one year low of $111.41 and a one year high of $217.77. The business’s 50 day simple moving average is $209.54 and its two-hundred day simple moving average is $192.19. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. The firm had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The business’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period last year, the company earned $0.65 EPS. Analysts forecast that The Progressive Co. will post 11.33 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. Progressive’s dividend payout ratio is currently 4.09%.

Analyst Ratings Changes

Several research firms have weighed in on PGR. Bank of America raised their price target on Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Citigroup raised their price objective on Progressive from $230.00 to $232.00 and gave the company a “neutral” rating in a report on Monday, June 17th. The Goldman Sachs Group raised their price objective on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a report on Monday, March 25th. Roth Mkm raised their price objective on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a report on Monday, March 18th. Finally, Morgan Stanley decreased their price objective on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $216.81.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.