Nissay Asset Management Corp Japan Buys 4,103 Shares of The Progressive Corporation $PGR

Nissay Asset Management Corp Japan lifted its stake in The Progressive Corporation (NYSE:PGR) by 5.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 79,072 shares of the insurance provider’s stock after purchasing an additional 4,103 shares during the quarter. Nissay Asset Management Corp Japan’s holdings in Progressive were worth $17,273,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter valued at $269,000. Bison Wealth LLC lifted its holdings in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after acquiring an additional 80 shares during the last quarter. HUB Investment Partners LLC lifted its holdings in shares of Progressive by 7.8% in the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider’s stock worth $609,000 after acquiring an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC boosted its stake in shares of Progressive by 12.0% during the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider’s stock worth $3,681,000 after purchasing an additional 1,622 shares during the period. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, insider Lori A. Niederst sold 7,339 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the completion of the sale, the insider directly owned 42,567 shares in the company, valued at approximately $8,908,847.43. This represents a 14.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the transaction, the chief executive officer directly owned 522,776 shares in the company, valued at $111,199,682.96. The trade was a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 83,449 shares of company stock valued at $17,685,203 over the last 90 days. 0.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PGR shares. Bank of America cut their price target on shares of Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Royal Bank Of Canada set a $208.00 target price on Progressive in a research report on Friday, May 22nd. Evercore set a $240.00 target price on Progressive in a research note on Friday, July 10th. William Blair reiterated a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Finally, HSBC raised their price target on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. Seven analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $236.26.

Progressive Trading Up 0.6%

Shares of PGR opened at $218.90 on Friday. The firm has a market capitalization of $127.26 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 2.91 and a beta of 0.27. 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 Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $249.83. The company has a 50-day moving average of $217.19 and a 200 day moving average of $207.23.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, July 15th. The insurance provider reported $5.67 EPS for the quarter, topping analysts’ consensus estimates of $4.64 by $1.03. The business had revenue of $23.61 billion for the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.40 EPS. On average, research analysts expect that The Progressive Corporation will post 17.74 EPS for the current year.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio is 2.01%.

Progressive Profile

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.