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

RDA Financial Network decreased its position in shares of The Progressive Co. (NYSE:PGR) by 3.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,398 shares of the insurance provider’s stock after selling 56 shares during the period. RDA Financial Network’s holdings in Progressive were worth $335,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Davis Capital Management purchased a new stake in Progressive during the third quarter valued at $25,000. DiNuzzo Private Wealth Inc. increased its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the last quarter. Kimelman & Baird LLC purchased a new stake in shares of Progressive during the 2nd quarter valued at about $36,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progressive in the 3rd quarter valued at about $49,000. Finally, Friedenthal Financial purchased a new position in Progressive in the third quarter worth about $49,000. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

PGR opened at $243.79 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The business’s fifty day simple moving average is $250.53 and its 200-day simple moving average is $242.03. The company has a market capitalization of $142.82 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 0.61 and a beta of 0.41. The Progressive Co. has a 12-month low of $166.92 and a 12-month high of $270.62.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, equities research analysts anticipate that The Progressive Co. will post 13.52 earnings per share for the current fiscal year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date was Friday, January 10th. Progressive’s payout ratio is 2.91%.

Insider Buying and Selling

In other news, CAO Mariann Wojtkun Marshall sold 191 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the transaction, the chief accounting officer now owns 3,982 shares of the company’s stock, valued at $964,042.20. The trade was a 4.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the sale, the chief financial officer now owns 292,958 shares of the company’s stock, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,919 shares of company stock valued at $8,222,168 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Jefferies Financial Group raised their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective for the company in a research note on Thursday, December 26th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Morgan Stanley reaffirmed an “overweight” rating and set a $310.00 price target on shares of Progressive in a research note on Friday, December 13th. Finally, Bank of America increased their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $275.24.

About Progressive

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.