The Progressive Corporation $PGR Stock: Nisa Investment Advisors LLC Grows Stake

Nisa Investment Advisors LLC raised its position in The Progressive Corporation (NYSE:PGR) by 13.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,309 shares of the insurance provider’s stock after buying an additional 19,237 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Progressive were worth $33,234,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PGR. BlackRock Inc. acquired a new stake in shares of Progressive during the second quarter worth $10,496,271,000. Bank of America Corp DE bought a new stake in shares of Progressive in the second quarter valued at about $2,682,342,000. GQG Partners LLC acquired a new position in shares of Progressive in the second quarter valued at about $1,538,570,000. Deutsche Bank AG bought a new position in Progressive during the second quarter worth about $1,098,838,000. Finally, Jupiter Topco LLC bought a new position in Progressive during the second quarter worth about $935,172,000. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, insider Lori Niederst sold 7,339 shares of Progressive stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $209.29, for a total value of $1,535,979.31. Following the transaction, the insider owned 42,567 shares in the company, valued at approximately $8,908,847.43. This trade represents a 14.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the business’s stock in a transaction on Thursday, September 24th. The stock was sold at an average price of $204.29, for a total value of $250,255.25. Following the transaction, the insider directly owned 30,032 shares of the company’s stock, valued at $6,135,237.28. This trade represents a 3.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 106,782 shares of company stock worth $22,965,332. 0.32% of the stock is owned by insiders.

Progressive Stock Performance

Shares of NYSE:PGR 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 stock has a market capitalization of $128.99 billion, a price-to-earnings ratio of 11.17, a price-to-earnings-growth ratio of 2.63 and a beta of 0.25. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.31 and a quick ratio of 0.29. The company’s 50 day simple moving average is $215.08 and its 200 day simple moving average is $209.84.

Progressive Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 1st. Progressive’s dividend payout ratio (DPR) is currently 2.01%.

Analysts Set New Price Targets

PGR has been the subject of a number of recent research reports. Jefferies Financial Group reissued a “hold” rating and issued a $228.00 price objective (up from $213.00) on shares of Progressive in a report on Wednesday, August 19th. Raymond James Financial restated an “outperform” rating on shares of Progressive in a research report on Friday. Piper Sandler raised their target price on shares of Progressive from $241.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Wells Fargo & Company dropped their price target 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. Finally, Cantor Fitzgerald cut their price target on Progressive from $220.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, August 17th. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $234.45.

About Progressive

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.