Nissay Asset Management Corp Japan ADV Sells 2,313 Shares of The Progressive Co. (NYSE:PGR)

Nissay Asset Management Corp Japan ADV reduced its stake in The Progressive Co. (NYSE:PGR) by 3.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 66,939 shares of the insurance provider’s stock after selling 2,313 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Progressive were worth $9,576,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in PGR. Bank of America Corp DE lifted its stake in Progressive by 0.5% during the first quarter. Bank of America Corp DE now owns 19,131,690 shares of the insurance provider’s stock worth $2,736,980,000 after purchasing an additional 87,687 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Progressive by 5.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,573,997 shares of the insurance provider’s stock worth $1,630,973,000 after purchasing an additional 608,635 shares during the last quarter. FMR LLC lifted its stake in Progressive by 33.8% during the first quarter. FMR LLC now owns 12,507,199 shares of the insurance provider’s stock worth $1,789,280,000 after purchasing an additional 3,158,144 shares during the last quarter. Geode Capital Management LLC lifted its stake in Progressive by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 11,304,331 shares of the insurance provider’s stock worth $1,464,343,000 after purchasing an additional 65,773 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Progressive by 5.7% during the fourth quarter. Alliancebernstein L.P. now owns 9,326,926 shares of the insurance provider’s stock worth $1,209,796,000 after purchasing an additional 502,985 shares during the last quarter. 83.66% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 5,070 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $127.50, for a total transaction of $646,425.00. Following the transaction, the insider now owns 20,816 shares of the company’s stock, valued at approximately $2,654,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Andrew J. Quigg sold 5,070 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $127.50, for a total value of $646,425.00. Following the transaction, the insider now owns 20,816 shares of the company’s stock, valued at approximately $2,654,040. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $126.51, for a total transaction of $1,518,120.00. Following the completion of the transaction, the chief financial officer now directly owns 309,507 shares in the company, valued at approximately $39,155,730.57. The disclosure for this sale can be found here. Insiders have sold 62,801 shares of company stock valued at $8,203,964 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PGR shares. Citigroup cut their target price on Progressive from $123.00 to $106.00 and set a “sell” rating for the company in a research note on Friday, July 14th. BMO Capital Markets upped their price target on shares of Progressive from $125.00 to $130.00 and gave the stock a “market perform” rating in a report on Thursday, August 17th. Barclays upped their price target on shares of Progressive from $107.00 to $109.00 and gave the stock an “underweight” rating in a report on Thursday, August 17th. Bank of America upped their price target on shares of Progressive from $198.00 to $206.00 in a report on Thursday, June 15th. Finally, Jefferies Financial Group lowered their price target on shares of Progressive from $165.00 to $156.00 in a report on Tuesday, July 18th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $141.57.

Progressive Stock Performance

Shares of Progressive stock opened at $135.76 on Monday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.42. The business has a 50-day moving average price of $128.93 and a two-hundred day moving average price of $133.70. The Progressive Co. has a 1-year low of $110.04 and a 1-year high of $149.87. The company has a market cap of $79.46 billion, a P/E ratio of 46.49, a PEG ratio of 1.19 and a beta of 0.47.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Thursday, July 13th. The insurance provider reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.38). Progressive had a return on equity of 12.02% and a net margin of 3.12%. The business had revenue of $15.23 billion for the quarter, compared to analyst estimates of $15.24 billion. As a group, analysts anticipate that The Progressive Co. will post 4.62 EPS for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Thursday, October 5th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, October 4th. This represents a $0.40 dividend on an annualized basis and a yield of 0.29%. Progressive’s payout ratio is currently 13.70%.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.