Nilsine Partners LLC Cuts Holdings in The Progressive Corporation $PGR

Nilsine Partners LLC decreased its stake in The Progressive Corporation (NYSE:PGR) by 64.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Capital International Investors increased its stake in Progressive by 78.9% in the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after acquiring an additional 6,045,732 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Progressive by 32.8% during the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock worth $2,928,141,000 after purchasing an additional 2,709,417 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Progressive by 2,012.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 767,549 shares of the insurance provider’s stock worth $189,546,000 after purchasing an additional 731,207 shares in the last quarter. Finally, Marshfield Associates increased its position in shares of Progressive by 70.8% during the 3rd quarter. Marshfield Associates now owns 1,577,453 shares of the insurance provider’s stock valued at $389,552,000 after purchasing an additional 653,763 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of a number of research reports. Zacks Research raised Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. The Goldman Sachs Group reiterated a “buy” rating and set a $225.00 price target on shares of Progressive in a research report on Monday, February 23rd. Bank of America decreased their price target on shares of Progressive from $305.00 to $295.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Weiss Ratings restated a “hold (c+)” rating on shares of Progressive in a report on Friday, March 27th. Finally, HSBC cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Six equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $238.39.

Progressive Trading Down 2.4%

Shares of PGR stock opened at $193.40 on Thursday. The business has a 50-day moving average of $205.39 and a 200 day moving average of $218.44. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35. The Progressive Corporation has a 1-year low of $192.02 and a 1-year high of $289.96. The stock has a market capitalization of $113.13 billion, a PE ratio of 10.05, a P/E/G ratio of 5.73 and a beta of 0.34.

Progressive Announces Dividend

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

Insider Transactions at Progressive

In related news, insider Maribel Pumarejo sold 739 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $203.25, for a total transaction of $150,201.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CIO Jonathan S. Bauer sold 3,105 shares of the stock in a transaction on Wednesday, January 21st. The shares were 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 of the company’s stock, valued at $5,363,983.15. The trade was a 10.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 11,687 shares of company stock valued at $2,413,044. 0.34% of the stock is currently owned by insiders.

About Progressive

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.