Rakuten Securities Inc. Sells 84 Shares of The Progressive Corporation (NYSE:PGR)

Rakuten Securities Inc. cut its position in The Progressive Corporation (NYSE:PGR) by 23.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 277 shares of the insurance provider’s stock after selling 84 shares during the quarter. Rakuten Securities Inc.’s holdings in Progressive were worth $78,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its stake in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Progressive during the fourth quarter worth $269,000. Van ECK Associates Corp lifted its holdings in shares of Progressive by 3.4% during the 4th quarter. Van ECK Associates Corp now owns 16,199 shares of the insurance provider’s stock valued at $3,881,000 after purchasing an additional 527 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Progressive by 14.3% during the 4th quarter. Allworth Financial LP now owns 8,356 shares of the insurance provider’s stock valued at $1,999,000 after purchasing an additional 1,043 shares during the last quarter. Finally, Valmark Advisers Inc. boosted its position in shares of Progressive by 17.3% in the 4th quarter. Valmark Advisers Inc. now owns 2,750 shares of the insurance provider’s stock worth $659,000 after purchasing an additional 405 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 0.3%

NYSE:PGR opened at $265.55 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The company’s fifty day moving average price is $276.09 and its 200-day moving average price is $264.50. The Progressive Corporation has a 1-year low of $204.88 and a 1-year high of $292.99. The firm has a market capitalization of $155.67 billion, a P/E ratio of 17.91, a PEG ratio of 1.68 and a beta of 0.40.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. The company had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. As a group, equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of the business’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the transaction, the chief accounting officer now directly owns 655 shares in the company, valued at $180,891.35. The trade was a 35.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the sale, the chief financial officer now directly owns 238,024 shares in the company, valued at $65,544,668.88. This trade represents a 4.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,517 shares of company stock worth $9,451,821 over the last quarter. 0.33% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PGR shares. JPMorgan Chase & Co. upped their target price on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research report on Tuesday, April 8th. Wells Fargo & Company boosted their price target on Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, May 21st. Morgan Stanley set a $330.00 price objective on shares of Progressive and gave the company an “overweight” rating in a research report on Monday, May 19th. Finally, UBS Group lifted their target price on shares of Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 28th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $288.59.

Progressive Company 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.