Central Pacific Bank Trust Division Sells 5,506 Shares of The Progressive Corporation $PGR

Central Pacific Bank Trust Division lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 32.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,525 shares of the insurance provider’s stock after selling 5,506 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Progressive were worth $2,624,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Davis Capital Management bought a new stake in shares of Progressive during the 3rd quarter valued at $25,000. Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 65 shares in the last quarter. Howard Hughes Medical Institute bought a new position in shares of Progressive in the second quarter worth $34,000. TruNorth Capital Management LLC increased its position in shares of Progressive by 450.0% in the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares during the period. Finally, Richardson Financial Services Inc. raised its stake in Progressive by 41.0% in the third quarter. Richardson Financial Services Inc. now owns 196 shares of the insurance provider’s stock valued at $48,000 after purchasing an additional 57 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Key Headlines Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Bank of America kept a “buy” rating and, despite trimming its target slightly to $305, still implies substantial upside — a supporting factor for the stock. Progressive had its price target lowered by Bank of America Corporation from $308.00 to $305.00
• Positive Sentiment: Wells Fargo raised its target to $217 and maintained an “equal weight” view, a modest positive signal that offsets some downgrades. Wells Fargo raised its price target on Progressive
• Neutral Sentiment: Progressive is getting increased attention from retail and news platforms; Zacks flagged PGR as a “trending” stock, which can drive short-term volume and volatility but doesn’t change fundamentals. The Progressive Corporation (PGR) Is a Trending Stock
• Neutral Sentiment: Recent media noted intraday moves in PGR (short-term price swings); useful for traders but not necessarily indicative of a lasting trend. Progressive (PGR) stock moves -1.29%: What you should know
• Negative Sentiment: Mizuho cut its target to $223 and moved to “neutral,” trimming upside expectations and applying downward pressure. Progressive had its price target lowered by Mizuho from $235.00 to $223.00
• Negative Sentiment: Barclays downgraded PGR from “strong-buy” to “hold,” reducing buy-side conviction and potentially limiting near-term gains. Progressive was downgraded by Barclays PLC from “strong-buy” to “hold”
• Negative Sentiment: Keefe, Bruyette & Woods trimmed its target to $227 and set a “market perform” rating, another modest drag on sentiment. Progressive had its price target lowered by Keefe, Bruyette & Woods
• Neutral Sentiment: An unrelated biotech update (Zenas BioPharma) appeared in the feed but has no material bearing on Progressive’s insurance business. Zenas BioPharma Advances Phase 3 Orelabrutinib Trial

Insiders Place Their Bets

In related news, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the transaction, the executive directly owned 26,250 shares of the company’s stock, valued at $5,330,062.50. This trade represents a 7.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider directly owned 32,348 shares in the company, valued at $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,417 shares of company stock valued at $2,357,289 over the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PGR shares. JPMorgan Chase & Co. cut their price objective on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, January 7th. Citigroup decreased their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Zacks Research raised shares of Progressive from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 24th. William Blair lowered shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Finally, BMO Capital Markets decreased their price objective on shares of Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 11th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus target price of $239.72.

Progressive Trading Up 1.6%

Shares of NYSE PGR opened at $205.93 on Friday. The firm has a 50 day moving average price of $206.07 and a two-hundred day moving average price of $221.16. The stock has a market cap of $120.66 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 8.81 and a beta of 0.33. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $289.96. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35.

Progressive Dividend Announcement

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

Progressive Company 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.