Nisa Investment Advisors LLC Reduces Holdings in The Progressive Corporation $PGR

Nisa Investment Advisors LLC cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 4.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 164,495 shares of the insurance provider’s stock after selling 7,952 shares during the period. Nisa Investment Advisors LLC’s holdings in Progressive were worth $40,622,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Davis Capital Management purchased a new stake in Progressive in the 3rd quarter worth $25,000. Atlantic Union Bankshares Corp purchased a new stake in Progressive during the second quarter valued at approximately $33,000. Westside Investment Management Inc. lifted its stake in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. Howard Hughes Medical Institute bought a new stake in shares of Progressive in the 2nd quarter valued at approximately $34,000. Finally, Ransom Advisory Ltd purchased a new position in shares of Progressive in the 1st quarter worth approximately $35,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 1.9%

Shares of NYSE:PGR opened at $213.01 on Friday. The business’s 50 day moving average is $223.08 and its 200 day moving average is $236.52. The stock has a market cap of $124.91 billion, a P/E ratio of 11.68, a price-to-earnings-growth ratio of 1.27 and a beta of 0.34. The Progressive Corporation has a 52-week low of $199.90 and a 52-week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The firm had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter in the prior year, the company posted $3.58 earnings per share. Sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date was Friday, January 2nd. Progressive’s dividend payout ratio is presently 2.19%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PGR. Keefe, Bruyette & Woods raised their price target on Progressive from $250.00 to $252.00 and gave the stock a “market perform” rating in a research report on Tuesday. Morgan Stanley reissued an “underweight” rating on shares of Progressive in a research note on Wednesday, December 17th. Raymond James Financial lowered their target price on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, October 17th. William Blair downgraded shares of Progressive from an “outperform” rating to a “market perform” rating in a report on Thursday, December 18th. Finally, Wells Fargo & Company increased their price objective on shares of Progressive from $242.00 to $247.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 23rd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $260.74.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $228.29, for a total transaction of $307,050.05. Following the transaction, the insider owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. This trade represents a 4.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the sale, the chief financial officer directly owned 223,024 shares of the company’s stock, valued at $50,956,523.52. The trade was a 2.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,034 shares of company stock worth $2,047,481 in the last three months. Insiders own 0.34% of the company’s stock.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.