Nuveen LLC Has $767.08 Million Holdings in The Progressive Corporation $PGR

Key Points

• Nuveen LLC trimmed its Progressive stake by 33.4% in the fourth quarter, but still held 3.37 million shares valued at about $767.1 million at period end.
• Progressive reported quarterly EPS of $4.80, beating estimates, while revenue came in at $22.19 billion and rose 6.5% year over year.
• Insider selling continued, with executives including CAO Carl G. Joyce and insider John Jo Murphy selling shares; analysts currently rate the stock Hold on average with a price target of $238.11.

Nuveen LLC cut its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 33.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,368,529 shares of the insurance provider's stock after selling 1,688,787 shares during the quarter. Nuveen LLC owned about 0.57% of Progressive worth $767,081,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Klingman & Associates LLC increased its stake in Progressive by 1.7% in the fourth quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock valued at $667,000 after purchasing an additional 48 shares in the last quarter. Revisor Wealth Management LLC increased its stake in Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider's stock valued at $395,000 after purchasing an additional 50 shares in the last quarter. Cullen Investment Group LTD. increased its stake in Progressive by 0.7% in the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider's stock valued at $1,606,000 after purchasing an additional 52 shares in the last quarter. Pines Wealth Management LLC increased its stake in Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider's stock valued at $319,000 after purchasing an additional 52 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider's stock valued at $4,267,000 after purchasing an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Carl G. Joyce sold 270 shares of the firm's stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the transaction, the chief accounting officer directly owned 558 shares of the company's stock, valued at $115,227. This trade represents a 32.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Jo Murphy sold 5,916 shares of the business's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider owned 41,290 shares in the company, valued at approximately $8,258,000. This trade represents a 12.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,343 shares of company stock worth $1,470,355 over the last three months. 0.32% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. Keefe, Bruyette & Woods reaffirmed a "market perform" rating on shares of Progressive in a research note on Friday, May 22nd. Royal Bank Of Canada set a $208.00 price target on shares of Progressive in a research note on Friday, May 22nd. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $225.00 price target on shares of Progressive in a research note on Monday, February 23rd. Piper Sandler reaffirmed an "overweight" rating and issued a $259.00 price objective on shares of Progressive in a research note on Monday, March 2nd. Finally, Jefferies Financial Group reduced their price objective on shares of Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a report on Tuesday, March 24th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $238.11.

Progressive Stock Down 0.9%

Shares of NYSE PGR opened at $202.41 on Friday. The stock has a market capitalization of $118.27 billion, a P/E ratio of 10.29, a P/E/G ratio of 5.92 and a beta of 0.28. The company has a 50-day moving average price of $199.01 and a 200-day moving average price of $208.09. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $269.84. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. The firm had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business's revenue was up 6.5% on a year-over-year basis. During the same period last year, the company earned $4.37 earnings per share. On average, equities research analysts forecast that The Progressive Corporation will post 16.35 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd will be issued 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 dividend payout ratio (DPR) is currently 2.03%.

About Progressive

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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