RFG Advisory LLC Reduces Position in The Progressive Co. (NYSE:PGR)

RFG Advisory LLC lessened its stake in The Progressive Co. (NYSE:PGR - Free Report) by 65.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,798 shares of the insurance provider's stock after selling 9,209 shares during the quarter. RFG Advisory LLC's holdings in Progressive were worth $1,358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of PGR. Hager Investment Management Services LLC purchased a new position in Progressive in the fourth quarter worth about $28,000. Atlantic Edge Private Wealth Management LLC grew its holdings in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after buying an additional 41 shares during the last quarter. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $28,000. Atala Financial Inc bought a new stake in shares of Progressive during the fourth quarter valued at approximately $32,000. Finally, Global Wealth Strategies & Associates raised its holdings in Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock worth $39,000 after acquiring an additional 75 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on PGR shares. Roth Mkm increased their target price on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Morgan Stanley set a $330.00 price target on Progressive and gave the company an "overweight" rating in a report on Monday, May 19th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. BMO Capital Markets boosted their target price on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research report on Thursday, April 17th. Finally, UBS Group upped their target price on shares of Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Progressive has an average rating of "Moderate Buy" and an average target price of $288.59.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the transaction, the insider now owns 28,888 shares of the company's stock, valued at $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the completion of the transaction, the chief financial officer now owns 258,024 shares of the company's stock, valued at approximately $71,199,142.56. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock valued at $10,367,074 in the last ninety days. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Performance

PGR traded down $1.01 during trading on Friday, hitting $279.19. The company's stock had a trading volume of 2,442,200 shares, compared to its average volume of 2,650,455. The business's 50 day simple moving average is $276.29 and its 200-day simple moving average is $264.27. The firm has a market cap of $163.67 billion, a PE ratio of 19.39, a P/E/G ratio of 1.70 and a beta of 0.40. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, sell-side analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, April 3rd. Progressive's dividend payout ratio (DPR) is currently 2.70%.

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.