RDA Financial Network Decreases Holdings in The Progressive Co. (NYSE:PGR)

RDA Financial Network trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 10.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,586 shares of the insurance provider’s stock after selling 189 shares during the period. RDA Financial Network’s holdings in Progressive were worth $328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Progressive by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,466,781 shares of the insurance provider’s stock worth $8,197,629,000 after buying an additional 218,809 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Progressive by 14.1% during the 3rd quarter. Wellington Management Group LLP now owns 21,554,503 shares of the insurance provider’s stock worth $3,002,542,000 after buying an additional 2,666,449 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Progressive by 3.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 14,935,652 shares of the insurance provider’s stock worth $2,378,951,000 after buying an additional 520,742 shares during the last quarter. Norges Bank purchased a new stake in shares of Progressive in the 4th quarter valued at about $1,078,831,000. Finally, Deutsche Bank AG lifted its holdings in shares of Progressive by 2.9% in the 3rd quarter. Deutsche Bank AG now owns 5,641,166 shares of the insurance provider’s stock valued at $785,814,000 after purchasing an additional 156,332 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PGR. UBS Group boosted their target price on Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Roth Mkm boosted their price target on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, March 18th. BMO Capital Markets restated an “outperform” rating and issued a $235.00 price target on shares of Progressive in a research report on Monday, June 17th. Jefferies Financial Group boosted their price target on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Piper Sandler restated an “overweight” rating and issued a $240.00 price target on shares of Progressive in a research report on Monday, April 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $216.81.

Progressive Price Performance

Shares of NYSE:PGR opened at $209.82 on Monday. The business’s 50 day simple moving average is $209.54 and its 200-day simple moving average is $192.19. The firm has a market capitalization of $122.89 billion, a price-to-earnings ratio of 21.29, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The Progressive Co. has a 12 month low of $111.41 and a 12 month high of $217.77.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, topping the consensus estimate of $3.20 by $0.74. The business 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 company’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.65 EPS. As a group, equities analysts forecast that The Progressive Co. will post 11.33 earnings per share for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s dividend payout ratio (DPR) is 4.09%.

Insider Activity at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 650 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Progressive news, CFO John P. Sauerland sold 12,457 shares of the stock in a transaction 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 transaction, the chief financial officer now owns 312,958 shares of the company’s stock, valued at approximately $63,978,003.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mariann Wojtkun Marshall sold 650 shares of the 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 transaction, the chief accounting officer now directly owns 3,981 shares in the company, valued at approximately $828,485.91. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,468 shares of company stock valued at $4,415,753. 0.34% of the stock is owned by corporate insiders.

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.