Nissay Asset Management Corp Japan ADV Cuts Stake in Progressive Corp (PGR)

Nissay Asset Management Corp Japan ADV decreased its stake in shares of Progressive Corp (NYSE:PGR) by 6.4% during the first quarter, HoldingsChannel reports. The firm owned 74,213 shares of the insurance provider’s stock after selling 5,105 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Progressive were worth $5,350,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PGR. Lindbrook Capital LLC bought a new stake in shares of Progressive during the 4th quarter valued at about $27,000. Liberty Wealth Management LLC bought a new stake in shares of Progressive during the 4th quarter valued at about $30,000. Karp Capital Management Corp bought a new stake in shares of Progressive during the 4th quarter valued at about $32,000. Capital Investment Advisory Services LLC bought a new stake in shares of Progressive during the 4th quarter valued at about $33,000. Finally, Capital Financial Planning LLC bought a new stake in shares of Progressive during the 4th quarter valued at about $33,000. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE PGR opened at $73.43 on Monday. Progressive Corp has a 1 year low of $56.71 and a 1 year high of $78.58. The stock has a market cap of $42.54 billion, a P/E ratio of 16.61, a price-to-earnings-growth ratio of 1.93 and a beta of 0.79. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, April 16th. The insurance provider reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.45. Progressive had a net margin of 8.77% and a return on equity of 27.10%. The company had revenue of $9.24 billion during the quarter, compared to analysts’ expectations of $9.20 billion. During the same period last year, the company posted $1.22 EPS. Progressive’s revenue was up 16.0% on a year-over-year basis. As a group, research analysts forecast that Progressive Corp will post 5.15 earnings per share for the current fiscal year.

The company also recently announced an annual dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, April 5th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, April 4th. This represents a yield of 0.14%. Progressive’s dividend payout ratio (DPR) is presently 59.05%.

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $71.37, for a total value of $856,440.00. Following the completion of the transaction, the chief financial officer now directly owns 380,019 shares of the company’s stock, valued at $27,121,956.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Susan Patricia Griffith sold 12,600 shares of Progressive stock in a transaction dated Thursday, February 14th. The stock was sold at an average price of $70.30, for a total transaction of $885,780.00. Following the completion of the transaction, the insider now directly owns 260,138 shares of the company’s stock, valued at $18,287,701.40. The disclosure for this sale can be found here. Insiders sold 128,450 shares of company stock valued at $9,599,837 over the last ninety days. Corporate insiders own 0.39% of the company’s stock.

PGR has been the topic of a number of research reports. Barclays lifted their target price on shares of Progressive from $81.00 to $86.00 and gave the company an “overweight” rating in a research note on Monday, April 1st. Citigroup lifted their price target on shares of Progressive from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, February 14th. Wells Fargo & Co reissued a “hold” rating and set a $70.00 price target on shares of Progressive in a research report on Wednesday, January 23rd. Credit Suisse Group lifted their price target on shares of Progressive from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Finally, Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Monday, April 22nd. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Progressive currently has a consensus rating of “Buy” and a consensus target price of $74.93.

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About Progressive

Progressive Corp. is an insurance holding company, which engages in the provision of personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services. It operates through the following segments: Personal Lines, Commercial Lines, Property, and Other Indemnity.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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