Board of the Pension Protection Fund Sells 4,900 Shares of The Progressive Corporation $PGR

Board of the Pension Protection Fund trimmed its stake in shares of The Progressive Corporation (NYSE:PGR) by 96.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200 shares of the insurance provider’s stock after selling 4,900 shares during the quarter. Board of the Pension Protection Fund’s holdings in Progressive were worth $46,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Progressive by 0.3% in the third quarter. Vanguard Group Inc. now owns 54,667,528 shares of the insurance provider’s stock valued at $13,500,146,000 after buying an additional 151,240 shares during the period. State Street Corp increased its stake in Progressive by 0.3% in the third quarter. State Street Corp now owns 25,808,762 shares of the insurance provider’s stock valued at $6,373,474,000 after purchasing an additional 78,374 shares in the last quarter. Capital International Investors raised its stake in Progressive by 78.9% during the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock worth $3,384,082,000 after buying an additional 6,045,732 shares during the period. Capital Research Global Investors lifted 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. Finally, Alliancebernstein L.P. increased its position in shares of 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 acquiring an additional 2,709,417 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 1.6%

Shares of PGR stock opened at $205.93 on Friday. 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 firm has a fifty day moving average price of $206.07 and a 200-day moving average price of $221.16. The company has a market cap of $120.66 billion, a price-to-earnings ratio of 10.70, a PEG ratio of 8.81 and a beta of 0.33. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $289.96.

Progressive Announces Dividend

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

Progressive News Roundup

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

Insider Activity

In other Progressive news, CAO Carl G. Joyce sold 141 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $29,892.00. Following the completion of the transaction, the chief accounting officer owned 828 shares in the company, valued at $175,536. This trade represents a 14.55% decrease in their ownership of the stock. 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 Progressive stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the completion of the transaction, the executive owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 11,417 shares of company stock worth $2,357,289. 0.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research analyst reports. BMO Capital Markets cut their target price on Progressive from $232.00 to $208.00 and set a “market perform” rating on the stock in a research note on Wednesday, March 11th. Barclays set a $247.00 price objective on shares of Progressive in a research note on Wednesday. William Blair cut Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Wells Fargo & Company increased their price objective on Progressive from $214.00 to $217.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Argus raised shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. Six research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus price target of $239.72.

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.