Nomura Holdings Inc. Sells 10,352 Shares of The Progressive Corporation $PGR

Nomura Holdings Inc. lessened its stake in shares of The Progressive Corporation (NYSE:PGR) by 35.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,826 shares of the insurance provider’s stock after selling 10,352 shares during the period. Nomura Holdings Inc.’s holdings in Progressive were worth $5,024,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of PGR. Atlantic Union Bankshares Corp acquired a new stake in shares of Progressive in the 2nd quarter valued at approximately $33,000. Ransom Advisory Ltd acquired a new position in Progressive during the first quarter worth $35,000. Howard Hughes Medical Institute bought a new stake in Progressive during the second quarter worth $34,000. Activest Wealth Management lifted its stake in Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 127 shares during the last quarter. Finally, Westside Investment Management Inc. grew its position in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the transaction, the insider directly owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $228.29, for a total value of $307,050.05. Following the completion of the sale, the insider owned 27,698 shares in the company, valued at $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 17,673 shares of company stock worth $4,163,005. Company insiders own 0.33% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $236.20 on Tuesday. The firm has a 50-day moving average price of $223.98 and a two-hundred day moving average price of $242.19. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99. The company has a market capitalization of $138.51 billion, a P/E ratio of 12.96, a P/E/G ratio of 1.05 and a beta of 0.36. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the previous year, the firm posted $3.58 earnings per share. Analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Friday, January 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 Friday, January 2nd. Progressive’s payout ratio is 2.19%.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a report on Monday, December 8th. Bank of America dropped their price objective on shares of Progressive from $350.00 to $348.00 and set a “buy” rating on the stock in a research report on Tuesday, December 9th. Mizuho set a $242.00 target price on shares of Progressive in a research note on Monday. UBS Group decreased their price target on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $264.92.

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.