First Allied Advisory Services Inc. Sells 1,840 Shares of Progressive Corp (PGR)

First Allied Advisory Services Inc. decreased its holdings in Progressive Corp (NYSE:PGR) by 9.0% during the 1st quarter, HoldingsChannel reports. The fund owned 18,619 shares of the insurance provider’s stock after selling 1,840 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Progressive were worth $1,333,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lindbrook Capital LLC bought a new position in Progressive in the 4th quarter valued at about $27,000. Liberty Wealth Management LLC bought a new position in Progressive in the 4th quarter valued at about $30,000. Karp Capital Management Corp bought a new position in shares of Progressive during the 4th quarter worth approximately $32,000. Ropes Wealth Advisors LLC bought a new position in shares of Progressive during the 1st quarter worth approximately $39,000. Finally, Dubuque Bank & Trust Co. lifted its position in shares of Progressive by 90.2% during the 1st quarter. Dubuque Bank & Trust Co. now owns 544 shares of the insurance provider’s stock worth $39,000 after buying an additional 258 shares in the last quarter. 80.76% of the stock is currently owned by institutional investors and hedge funds.

NYSE:PGR opened at $77.85 on Friday. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $45.28 billion, a P/E ratio of 17.61, a P/E/G ratio of 1.92 and a beta of 0.79. Progressive Corp has a 12 month low of $56.71 and a 12 month high of $78.58.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.45. The company had revenue of $9.24 billion for the quarter, compared to analysts’ expectations of $9.20 billion. Progressive had a net margin of 8.77% and a return on equity of 27.10%. Progressive’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 EPS. As a group, sell-side analysts expect that Progressive Corp will post 5.15 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, July 5th will be issued 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 0.51%. Progressive’s dividend payout ratio (DPR) is presently 59.05%.

Several equities analysts have commented on PGR shares. Barclays lifted their target price on shares of Progressive from $81.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Credit Suisse Group lifted their target price on shares of Progressive from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Wells Fargo & Co set a $73.00 target price on shares of Progressive and gave the stock a “hold” rating in a research report on Thursday, February 14th. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Monday, April 22nd. Finally, Buckingham Research set a $64.00 target price on shares of Progressive and gave the stock a “hold” rating in a research report on Monday. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Progressive presently has an average rating of “Buy” and an average target price of $75.36.

In related news, Director Dyke Kahina Van sold 1,715 shares of Progressive stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $78.49, for a total value of $134,610.35. Following the sale, the director now owns 2,464 shares of the company’s stock, valued at approximately $193,399.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 2,500 shares of Progressive stock in a transaction that occurred on Friday, March 1st. The stock was 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 sold a total of 103,850 shares of company stock worth $7,857,617 in the last ninety days. 0.39% of the stock is currently owned by insiders.

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Progressive Profile

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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