Nilsine Partners LLC Sells 8,552 Shares of The Progressive Corporation $PGR

Nilsine Partners LLC lessened its holdings in shares of The Progressive Corporation (NYSE:PGR) by 64.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,816 shares of the insurance provider’s stock after selling 8,552 shares during the period. Nilsine Partners LLC’s holdings in Progressive were worth $1,097,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BTC Capital Management Inc. lifted its holdings in Progressive by 26.2% in the 4th quarter. BTC Capital Management Inc. now owns 6,635 shares of the insurance provider’s stock worth $1,510,000 after buying an additional 1,376 shares during the period. Birch Financial Group LLC increased its stake in shares of Progressive by 62.1% during the fourth quarter. Birch Financial Group LLC now owns 3,226 shares of the insurance provider’s stock valued at $735,000 after buying an additional 1,236 shares during the period. Hofer & Associates. Inc bought a new position in shares of Progressive during the fourth quarter valued at approximately $244,000. Range Financial Group LLC raised its holdings in shares of Progressive by 10.1% during the fourth quarter. Range Financial Group LLC now owns 1,542 shares of the insurance provider’s stock valued at $351,000 after acquiring an additional 142 shares in the last quarter. Finally, James Hambro & Partners LLP lifted its stake in Progressive by 3.1% in the fourth quarter. James Hambro & Partners LLP now owns 522,219 shares of the insurance provider’s stock worth $118,943,000 after acquiring an additional 15,922 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

PGR opened at $193.40 on Thursday. The stock has a fifty day simple moving average of $205.39 and a two-hundred day simple moving average of $218.44. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The company has a market cap of $113.13 billion, a price-to-earnings ratio of 10.05, a price-to-earnings-growth ratio of 5.73 and a beta of 0.34. The Progressive Corporation has a 12-month low of $192.02 and a 12-month high of $289.96.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is currently 2.08%.

Insider Buying and Selling

In related news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the sale, the executive directly owned 26,249 shares in the company, valued at $5,363,983.15. The trade was a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 11,687 shares of company stock worth $2,413,044 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Progressive from $214.00 to $217.00 and gave the company an “equal weight” rating in a report on Thursday, March 19th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $225.00 target price on shares of Progressive in a research report on Monday, February 23rd. William Blair lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. JPMorgan Chase & Co. reduced their price target on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. Finally, Morgan Stanley decreased their price target on shares of Progressive from $205.00 to $190.00 and set an “underweight” rating for the company in a research note on Tuesday. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Progressive has an average rating of “Hold” and an average price target of $238.39.

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.