Nisa Investment Advisors LLC Has $46.23 Million Holdings in The Progressive Corporation (NYSE:PGR)

Nisa Investment Advisors LLC lowered its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 27.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Highline Wealth Partners LLC boosted its stake in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive during the fourth quarter worth $28,000. HWG Holdings LP bought a new stake in Progressive in the first quarter valued at about $28,000. Atala Financial Inc acquired a new position in Progressive in the fourth quarter valued at about $32,000. Finally, Garde Capital Inc. bought a new position in Progressive during the first quarter worth about $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Performance

Shares of Progressive stock traded down $4.61 during trading on Friday, hitting $244.77. 3,182,460 shares of the stock were exchanged, compared to its average volume of 2,809,481. The stock has a market capitalization of $143.49 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 1.58 and a beta of 0.37. The company has a fifty day moving average price of $272.26 and a 200-day moving average price of $265.57. The Progressive Corporation has a 1-year low of $207.50 and a 1-year 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.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. As a group, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,267 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $329,901.46. Following the completion of the transaction, the insider directly owned 27,621 shares in the company, valued at approximately $7,191,955.98. The trade was a 4.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dyke Kahina Van sold 2,490 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the transaction, the director owned 12,429 shares of the company's stock, valued at $3,451,160.43. The trade was a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 42,705 shares of company stock worth $11,450,948. Company insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the topic of several recent analyst reports. Morgan Stanley lowered shares of Progressive from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $330.00 to $290.00 in a research note on Monday. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. BMO Capital Markets upped their price objective on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Jefferies Financial Group dropped their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $288.00 to $290.00 and gave the stock a "market perform" rating in a report on Wednesday. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $285.41.

About Progressive

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.