Nisa Investment Advisors LLC Sells 21,131 Shares of Progressive Corp. (PGR)
Nisa Investment Advisors LLC reduced its stake in shares of Progressive Corp. (NYSE:PGR) by 8.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,298 shares of the company’s stock after selling 21,131 shares during the period. Nisa Investment Advisors LLC’s holdings in Progressive Corp. were worth $7,695,000 as of its most recent filing with the SEC.
Other large investors have also bought and sold shares of the company. AQR Capital Management LLC raised its stake in Progressive Corp. by 241.1% in the second quarter. AQR Capital Management LLC now owns 3,742,522 shares of the company’s stock valued at $125,375,000 after buying an additional 2,645,298 shares in the last quarter. RidgeWorth Capital Management LLC raised its position in Progressive Corp. by 108.5% in the second quarter. RidgeWorth Capital Management LLC now owns 3,397,215 shares of the company’s stock valued at $112,923,000 after buying an additional 1,768,115 shares during the period. Janus Capital Management LLC raised its position in Progressive Corp. by 39.5% in the second quarter. Janus Capital Management LLC now owns 5,599,290 shares of the company’s stock valued at $187,577,000 after buying an additional 1,586,418 shares during the period. Emerald Acquisition Ltd. purchased a new position in Progressive Corp. during the second quarter valued at approximately $45,993,000. Finally, Lomas Capital Management LLC purchased a new position in Progressive Corp. during the second quarter valued at approximately $23,312,000. Institutional investors and hedge funds own 76.56% of the company’s stock.
Progressive Corp. (NYSE:PGR) traded down 0.77% during mid-day trading on Wednesday, hitting $33.32. 941,819 shares of the stock traded hands. The company has a 50 day moving average of $32.25 and a 200-day moving average of $32.44. The stock has a market cap of $19.35 billion, a PE ratio of 19.94 and a beta of 0.75. Progressive Corp. has a 12-month low of $29.32 and a 12-month high of $35.54.
Progressive Corp. (NYSE:PGR) last issued its quarterly earnings results on Thursday, October 13th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by $0.02. Progressive Corp. had a return on equity of 12.30% and a net margin of 4.31%. The firm earned $6.05 billion during the quarter. During the same period in the prior year, the company earned $0.47 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year. Equities research analysts forecast that Progressive Corp. will post $1.52 earnings per share for the current year.
Several research analysts recently commented on PGR shares. Zacks Investment Research lowered shares of Progressive Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, August 3rd. William Blair reiterated an “outperform” rating on shares of Progressive Corp. in a research note on Saturday, September 10th. Deutsche Bank AG reduced their price objective on shares of Progressive Corp. from $30.00 to $28.00 and set a “sell” rating for the company in a research note on Monday, September 19th. Credit Suisse Group AG set a $28.00 price objective on shares of Progressive Corp. and gave the stock a “sell” rating in a research note on Friday, October 7th. Finally, Keefe, Bruyette & Woods upgraded shares of Progressive Corp. from an “underperform” rating to a “market perform” rating and boosted their price objective for the stock from $29.00 to $31.00 in a research note on Thursday, September 15th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $32.41.
In related news, insider M Jeffrey Charney sold 7,000 shares of Progressive Corp. stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the transaction, the insider now owns 71,961 shares in the company, valued at $2,338,732.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is currently owned by corporate insiders.
About Progressive Corp.
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through Personal Lines, Commercial Lines and Property segments.
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