Nisa Investment Advisors LLC reduced its stake in Progressive Corp (NYSE:PGR) by 3.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200,924 shares of the insurance provider’s stock after selling 7,536 shares during the period. Nisa Investment Advisors LLC’s holdings in Progressive were worth $11,316,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Progressive by 2.9% in the second quarter. Vanguard Group Inc. now owns 38,642,819 shares of the insurance provider’s stock worth $1,703,762,000 after purchasing an additional 1,091,051 shares during the period. BlackRock Inc. grew its holdings in Progressive by 1.8% in the second quarter. BlackRock Inc. now owns 36,533,106 shares of the insurance provider’s stock worth $1,610,745,000 after purchasing an additional 636,087 shares during the period. Artisan Partners Limited Partnership grew its holdings in Progressive by 23.8% in the third quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock worth $694,793,000 after purchasing an additional 2,762,934 shares during the period. Janus Henderson Group PLC grew its holdings in Progressive by 40.0% in the third quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock worth $438,742,000 after purchasing an additional 2,588,522 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Progressive by 55.9% in the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after purchasing an additional 2,687,224 shares during the period. 79.39% of the stock is owned by institutional investors.
In related news, CMO M Jeffrey Charney sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total value of $297,000.00. Following the sale, the chief marketing officer now owns 102,038 shares in the company, valued at $5,050,881. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the sale, the insider now owns 137,722 shares in the company, valued at approximately $7,726,204.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,000 shares of company stock worth $2,426,970. Corporate insiders own 0.56% of the company’s stock.
Shares of Progressive Corp (NYSE PGR) opened at $55.94 on Friday. Progressive Corp has a fifty-two week low of $35.85 and a fifty-two week high of $57.18. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. The company has a market cap of $32,540.00, a P/E ratio of 23.31, a PEG ratio of 2.37 and a beta of 0.94.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.07. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The firm had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $7.04 billion. During the same quarter in the prior year, the company posted $0.34 earnings per share. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. sell-side analysts forecast that Progressive Corp will post 2.47 EPS for the current year.
A number of equities research analysts have weighed in on the stock. UBS Group restated a “buy” rating and issued a $62.00 price objective on shares of Progressive in a report on Friday, December 1st. Citigroup upped their price objective on shares of Progressive from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 18th. Credit Suisse Group upgraded shares of Progressive from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $42.00 to $48.00 in a report on Wednesday, September 20th. Wells Fargo & Co set a $47.00 price objective on shares of Progressive and gave the stock a “hold” rating in a report on Tuesday, October 17th. Finally, MKM Partners upped their price objective on shares of Progressive to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $50.41.
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The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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