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

Key Points

• Nomura Asset Management increased its stake in Progressive by 10.5% in Q4, holding 987,037 shares worth about $224.8 million and making the insurer its 23rd largest position.
• Wall Street sentiment on Progressive remains mixed but mostly cautious: analysts have an average “Hold” rating with a consensus price target of $238.11, while recent target updates ranged from $220 to $259.
• Progressive reported better-than-expected EPS of $4.80 in its latest quarter, though revenue missed estimates; the company also declared a quarterly dividend of $0.10 per share payable July 10.

Nomura Asset Management Co. Ltd. grew its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 10.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 987,037 shares of the insurance provider's stock after purchasing an additional 93,516 shares during the period. Progressive comprises approximately 0.6% of Nomura Asset Management Co. Ltd.'s investment portfolio, making the stock its 23rd largest position. Nomura Asset Management Co. Ltd. owned 0.17% of Progressive worth $224,768,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Dagco Inc. bought a new position in Progressive in the 4th quarter valued at approximately $28,000. Ameriflex Group Inc. raised its holdings in Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after buying an additional 65 shares during the last quarter. Entrust Financial LLC bought a new position in Progressive in the 4th quarter valued at approximately $33,000. Kingdom Financial Group LLC. bought a new position in Progressive in the 4th quarter valued at approximately $34,000. Finally, Bangor Savings Bank raised its holdings in Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock valued at $35,000 after buying an additional 58 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PGR shares. Roth Mkm set a $235.00 price objective on shares of Progressive in a report on Thursday, February 19th. UBS Group raised their price objective on shares of Progressive from $218.00 to $220.00 and gave the company a "neutral" rating in a report on Monday, March 23rd. Piper Sandler reiterated an "overweight" rating and issued a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Wells Fargo & Company raised their price objective on shares of Progressive from $218.00 to $222.00 and gave the company an "equal weight" rating in a report on Thursday, May 21st. Finally, Zacks Research upgraded shares of Progressive from a "strong sell" rating to a "hold" rating in a report on Tuesday, February 24th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $238.11.

Insider Activity at Progressive

In other Progressive news, CAO Carl G. Joyce sold 270 shares of the firm's stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the transaction, the chief accounting officer owned 558 shares in the company, valued at approximately $115,227. This trade represents a 32.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karen Bailo sold 3,517 shares of the firm's stock in a transaction that occurred 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 transaction, the insider owned 32,348 shares of the company's stock, valued at approximately $6,857,776. The trade was a 9.81% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 3,928 shares of company stock valued at $831,251. Company insiders own 0.32% of the company's stock.

Progressive Stock Down 2.2%

Progressive stock opened at $190.27 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The Progressive Corporation has a 52-week low of $189.20 and a 52-week high of $289.96. The firm has a 50 day moving average price of $199.66 and a two-hundred day moving average price of $209.74. The firm has a market cap of $111.18 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 5.52 and a beta of 0.31.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $23.51 billion. During the same quarter last year, the business earned $4.37 EPS. The company's revenue was up 6.5% compared to the same quarter last year. Equities analysts predict that The Progressive Corporation will post 16.36 EPS for the current year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio (DPR) 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.

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