Nisa Investment Advisors LLC Acquires 23,421 Shares of The Progressive Co. (NYSE:PGR)

Nisa Investment Advisors LLC increased its holdings in The Progressive Co. (NYSE:PGR) by 13.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 192,344 shares of the insurance provider’s stock after purchasing an additional 23,421 shares during the period. Nisa Investment Advisors LLC’s holdings in Progressive were worth $48,809,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Concurrent Investment Advisors LLC raised its stake in Progressive by 66.4% during the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock worth $1,409,000 after buying an additional 2,719 shares during the last quarter. Diversified Trust Co raised its position in shares of Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after acquiring an additional 11,770 shares in the last quarter. Councilmark Asset Management LLC acquired a new position in shares of Progressive in the 1st quarter valued at about $1,890,000. Sycomore Asset Management boosted its position in shares of Progressive by 9.5% during the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares in the last quarter. Finally, Sumitomo Life Insurance Co. acquired a new stake in Progressive during the second quarter worth approximately $981,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. increased their price target on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Citigroup cut their target price on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. The Goldman Sachs Group lifted their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, Keefe, Bruyette & Woods raised their target price on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $263.19.

Progressive Price Performance

Shares of NYSE PGR opened at $244.26 on Tuesday. The company has a market capitalization of $143.06 billion, a PE ratio of 17.75, a PEG ratio of 0.67 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average price is $250.63 and its 200-day moving average price is $225.91. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $260.46.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Thursday, October 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.16%. Progressive’s dividend payout ratio (DPR) is presently 2.91%.

Insider Buying and Selling

In other Progressive news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,843 shares of company stock valued at $18,674,912. 0.34% of the stock is owned by insiders.

Progressive Profile

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.