Nisa Investment Advisors LLC Boosts Stock Position in The Progressive Co. (NYSE:PGR)

Nisa Investment Advisors LLC grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 16.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 223,734 shares of the insurance provider’s stock after buying an additional 31,390 shares during the period. Nisa Investment Advisors LLC’s holdings in Progressive were worth $53,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the business. Davis Capital Management acquired a new position in Progressive in the third quarter valued at approximately $25,000. DiNuzzo Private Wealth Inc. lifted its position in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the last quarter. Kimelman & Baird LLC acquired a new position in shares of Progressive in the 2nd quarter valued at $36,000. Friedenthal Financial purchased a new position in shares of Progressive in the 3rd quarter valued at $49,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Progressive during the 3rd quarter worth $49,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of Progressive stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the sale, the chief accounting officer now owns 3,982 shares in the company, valued at approximately $964,042.20. This trade represents a 4.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the completion of the transaction, the chief financial officer now owns 292,958 shares in the company, valued at approximately $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 29,938 shares of company stock worth $7,473,490. 0.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research reports. TD Cowen raised their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Morgan Stanley dropped their price target on Progressive from $310.00 to $300.00 and set an “overweight” rating on the stock in a research note on Tuesday. Evercore ISI boosted their price objective on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Keefe, Bruyette & Woods lowered their target price on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Finally, Jefferies Financial Group upped their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $274.65.

Progressive Stock Down 1.2 %

PGR opened at $240.64 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market cap of $140.97 billion, a price-to-earnings ratio of 17.49, a PEG ratio of 0.63 and a beta of 0.41. The Progressive Co. has a one year low of $169.57 and a one year high of $270.62. The business’s fifty day moving average is $249.85 and its two-hundred day moving average is $242.95.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a yield of 0.17%. Progressive’s payout ratio is 2.91%.

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.