The Progressive Corporation $PGR Holdings Boosted by Nisa Investment Advisors LLC

Key Points

• Nisa Investment Advisors increased its Progressive stake by 13.6% in the third quarter, bringing its holdings to 160,309 shares valued at approximately $33.2 million. Institutional investors collectively own 85.34% of the company.
• Progressive shares opened at $221.87, near the middle of their 52-week range, with a market capitalization of about $129 billion. The company recently paid a quarterly dividend of $0.10 per share, yielding roughly 0.2%.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $234.45. Meanwhile, insiders sold more than 106,000 shares worth approximately $23 million over the past three months under pre-arranged trading plans.

Nisa Investment Advisors LLC lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 13.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 160,309 shares of the insurance provider's stock after acquiring an additional 19,237 shares during the quarter. Nisa Investment Advisors LLC's holdings in Progressive were worth $33,234,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bogart Wealth LLC boosted its holdings in shares of Progressive by 235.1% in the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after buying an additional 87 shares during the last quarter. IMG Wealth Management Inc. bought a new position in shares of Progressive in the second quarter valued at $26,000. Meeder Asset Management Inc. acquired a new position in Progressive during the second quarter worth $26,000. Kilter Group LLC acquired a new position in Progressive during the second quarter worth $27,000. Finally, HHM Wealth Advisors LLC increased its holdings in Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after buying an additional 126 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Stock Up 1.3%

PGR stock opened at $221.87 on Wednesday. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $239.38. The business's 50 day simple moving average is $215.08 and its 200 day simple moving average is $209.84. The company has a current ratio of 0.31, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $128.99 billion, a PE ratio of 11.17, a PEG ratio of 2.63 and a beta of 0.25.

Progressive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Thursday, October 1st. Progressive's payout ratio is currently 2.01%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Mizuho dropped their price target on shares of Progressive from $236.00 to $230.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 16th. Wells Fargo & Company decreased their price objective on shares of Progressive from $201.00 to $196.00 and set an "underweight" rating for the company in a research report on Thursday, October 15th. Roth Capital reissued a "buy" rating and issued a $245.00 price objective (up from $235.00) on shares of Progressive in a research report on Thursday, August 20th. William Blair restated a "market perform" rating on shares of Progressive in a research note on Wednesday, July 15th. Finally, Piper Sandler upped their target price on shares of Progressive from $241.00 to $242.00 and gave the company an "overweight" rating in a report on Thursday, August 20th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $234.45.

Insider Buying and Selling

In other news, insider John Murphy sold 8,124 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the transaction, the insider directly owned 41,291 shares of the company's stock, valued at $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Griffith sold 37,338 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the sale, the chief executive officer owned 485,438 shares of the company's stock, valued at approximately $106,553,641. This represents a 7.14% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 106,782 shares of company stock valued at $22,965,332. 0.32% of the stock is currently owned by insiders.

Progressive Profile

Progressive Corporation is an insurance holding company headquartered in Mayfield Village, Ohio. Founded in 1937, the company provides insurance products primarily to consumers and businesses in the United States. Progressive distributes its products directly through its website, mobile channels and call centers, as well as through independent agents and brokers.

The company is best known for personal auto insurance, including coverage for cars, motorcycles, boats, recreational vehicles and other personal vehicles.

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