Nomura Asset Management Co. Ltd. Has $224.77 Million Stake in The Progressive Corporation $PGR

Nomura Asset Management Co. Ltd. lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 10.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 987,037 shares of the insurance provider’s stock after buying an additional 93,516 shares during the quarter. Progressive comprises approximately 0.6% of Nomura Asset Management Co. Ltd.’s investment portfolio, making the stock its 23rd largest holding. Nomura Asset Management Co. Ltd.’s holdings in Progressive were worth $224,768,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Dagco Inc. acquired a new position in Progressive during the 4th quarter valued at about $28,000. Ameriflex Group Inc. boosted its stake in Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Entrust Financial LLC acquired a new position in Progressive during the 4th quarter valued at about $33,000. Kingdom Financial Group LLC. acquired a new position in Progressive during the 4th quarter valued at about $34,000. Finally, Bangor Savings Bank boosted its stake in Progressive by 60.4% during the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 58 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In other news, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the sale, the insider directly owned 32,348 shares in the company, valued at $6,857,776. The trade was a 9.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Carl G. Joyce sold 270 shares of Progressive stock in a transaction on Friday, March 20th. The stock was sold at an average price of $206.50, for a total value of $55,755.00. Following the sale, the chief accounting officer owned 558 shares in the company, valued at $115,227. The trade was a 32.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,928 shares of company stock worth $831,251 over the last quarter. Company insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of a number of analyst reports. Bank of America cut their price target on Progressive from $325.00 to $320.00 and set a “buy” rating for the company in a research note on Wednesday, May 20th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $225.00 price objective on shares of Progressive in a report on Monday, February 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. BMO Capital Markets reaffirmed a “market perform” rating and set a $220.00 price objective on shares of Progressive in a report on Wednesday, May 20th. Finally, Morgan Stanley cut their price objective on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating on the stock in a report on Tuesday, March 31st. Six equities research 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 MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $238.11.

Progressive Trading Down 2.2%

NYSE PGR opened at $190.27 on Friday. The stock has a market capitalization of $111.18 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 5.52 and a beta of 0.31. The Progressive Corporation has a one year low of $189.20 and a one year high of $289.96. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27. The business’s fifty day moving average is $199.66 and its 200-day moving average is $209.74.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. The company had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted $4.37 EPS. Equities research analysts predict that The Progressive Corporation will post 16.36 EPS for the current year.

Progressive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive’s payout ratio is presently 2.03%.

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.