Nisa Investment Advisors LLC Decreases Stake in The Progressive Corporation (NYSE:PGR)

Nisa Investment Advisors LLC lessened its position in The Progressive Corporation (NYSE:PGR - Free Report) by 27.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 163,335 shares of the insurance provider's stock after selling 60,399 shares during the period. Nisa Investment Advisors LLC's holdings in Progressive were worth $46,225,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Axxcess Wealth Management LLC increased its position in shares of Progressive by 5.6% in the first quarter. Axxcess Wealth Management LLC now owns 1,411 shares of the insurance provider's stock worth $399,000 after acquiring an additional 75 shares in the last quarter. Rehmann Capital Advisory Group raised its stake in Progressive by 14.3% during the 1st quarter. Rehmann Capital Advisory Group now owns 1,735 shares of the insurance provider's stock valued at $491,000 after purchasing an additional 217 shares during the last quarter. Cornerstone Planning Group LLC raised its stake in Progressive by 186.2% during the 1st quarter. Cornerstone Planning Group LLC now owns 249 shares of the insurance provider's stock valued at $66,000 after purchasing an additional 162 shares during the last quarter. Principal Securities Inc. increased its holdings in Progressive by 6.8% in the 1st quarter. Principal Securities Inc. now owns 18,357 shares of the insurance provider's stock valued at $5,195,000 after buying an additional 1,171 shares during the period. Finally, Linden Thomas Advisory Services LLC increased its holdings in Progressive by 8.7% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 4,284 shares of the insurance provider's stock valued at $1,212,000 after buying an additional 344 shares during the period. Institutional investors own 85.34% of the company's stock.

Analyst Ratings Changes

PGR has been the topic of several analyst reports. BMO Capital Markets upped their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. JPMorgan Chase & Co. increased their price target on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research report on Tuesday, April 8th. Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price on the stock in a report on Monday, April 28th. UBS Group decreased their price target on shares of Progressive from $291.00 to $280.00 and set a "neutral" rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company raised their target price on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Progressive presently has an average rating of "Moderate Buy" and a consensus target price of $285.41.

Progressive Price Performance

Progressive stock traded down $1.29 during midday trading on Thursday, reaching $249.13. The company's stock had a trading volume of 4,289,710 shares, compared to its average volume of 2,807,988. The Progressive Corporation has a 52 week low of $207.50 and a 52 week high of $292.99. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $272.26 and a 200-day moving average price of $265.57. The stock has a market cap of $146.04 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 1.58 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last released 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. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The company had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. On average, sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The firm also recently declared a dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, July 4th will be issued a dividend of $0.10 per share. This represents a dividend yield of 0.15%. The ex-dividend date is Thursday, July 3rd. Progressive's payout ratio is 2.70%.

Insider Activity

In other news, insider Steven Broz sold 1,267 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $329,901.46. Following the transaction, the insider directly owned 27,621 shares of the company's stock, valued at $7,191,955.98. This represents a 4.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total value of $2,753,700.00. Following the completion of the sale, the chief financial officer directly owned 238,024 shares of the company's stock, valued at $65,544,668.88. The trade was a 4.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 42,705 shares of company stock worth $11,450,948. Company insiders own 0.34% of the company's stock.

Progressive 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.