Nissay Asset Management Corp Japan Increases Stock Position in The Progressive Corporation $PGR

Nissay Asset Management Corp Japan increased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 5.5% during the second quarter, Holdings Channel.com reports. The firm owned 79,072 shares of the insurance provider’s stock after buying an additional 4,103 shares during the period. Nissay Asset Management Corp Japan’s holdings in Progressive were worth $17,273,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Progressive during the 2nd quarter valued at $10,496,271,000. Bank of America Corp DE bought a new position in shares of Progressive in the 2nd quarter worth $2,682,342,000. Norges Bank bought a new position in shares of Progressive in the 4th quarter worth $1,836,094,000. GQG Partners LLC purchased a new stake in shares of Progressive during the 2nd quarter worth $1,538,570,000. Finally, Deutsche Bank AG purchased a new stake in shares of Progressive during the 2nd quarter worth $1,098,838,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Karen Bailo sold 8,452 shares of Progressive stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the sale, the insider directly owned 32,348 shares in the company, valued at approximately $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the sale, the chief financial officer directly owned 42,595 shares in the company, valued at $9,370,900. This trade represents a 7.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 83,449 shares of company stock worth $17,685,203 over the last ninety days. Company insiders own 0.32% of the company’s stock.

Progressive Trading Up 0.6%

Progressive stock opened at $218.90 on Friday. The stock has a 50-day moving average of $217.19 and a two-hundred day moving average of $207.23. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a one year low of $189.20 and a one year high of $249.83. The stock has a market cap of $127.26 billion, a PE ratio of 10.98, a price-to-earnings-growth ratio of 2.91 and a beta of 0.27.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, topping the consensus estimate of $4.64 by $1.03. Progressive had a return on equity of 32.92% and a net margin of 12.84%.The business had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. During the same quarter last year, the company earned $5.40 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. On average, research analysts anticipate that The Progressive Corporation will post 17.74 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.01%.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a research note on Wednesday, August 19th. The Goldman Sachs Group reissued a “buy” rating and set a $230.00 price target on shares of Progressive in a research report on Wednesday, August 19th. Bank of America decreased their price target on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Keefe, Bruyette & Woods upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and raised their price target for the company from $226.00 to $250.00 in a report on Thursday, August 20th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $228.00 price objective on shares of Progressive in a research report on Wednesday, August 19th. Seven research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $236.26.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.