Permanent Capital Management LP purchased a new stake in shares of The Progressive Corporation (NYSE:PGR – Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,737 shares of the insurance provider’s stock, valued at approximately $1,079,000.
Other large investors have also recently bought and sold shares of the company. Everpar Advisors LLC raised its position in shares of Progressive by 11.0% in the 4th quarter. Everpar Advisors LLC now owns 1,902 shares of the insurance provider’s stock worth $433,000 after acquiring an additional 189 shares in the last quarter. Harbor Investment Advisory LLC lifted its stake in shares of Progressive by 16.8% in the 4th quarter. Harbor Investment Advisory LLC now owns 633 shares of the insurance provider’s stock valued at $144,000 after purchasing an additional 91 shares during the period. Aventura Private Wealth LLC bought a new stake in shares of Progressive during the 4th quarter valued at about $1,158,000. TrueWealth Advisors LLC boosted its position in shares of Progressive by 2.1% during the 4th quarter. TrueWealth Advisors LLC now owns 3,659 shares of the insurance provider’s stock valued at $833,000 after purchasing an additional 74 shares in the last quarter. Finally, RDA Financial Network grew its stake in Progressive by 4.6% during the fourth quarter. RDA Financial Network now owns 5,982 shares of the insurance provider’s stock worth $1,362,000 after purchasing an additional 264 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Bank of America lowered their target price on Progressive from $308.00 to $305.00 and set a “buy” rating for the company in a report on Thursday. Mizuho reduced their price objective on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating for the company in a research report on Friday. Citigroup lowered their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Piper Sandler reiterated an “overweight” rating and set a $259.00 target price on shares of Progressive in a research report on Monday, March 2nd. Finally, Roth Mkm set a $235.00 target price on shares of Progressive in a research note on Thursday, February 19th. Six investment 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $239.72.
Progressive Trading Up 1.6%
Shares of Progressive stock opened at $205.93 on Friday. The stock has a market capitalization of $120.66 billion, a PE ratio of 10.70, a price-to-earnings-growth ratio of 8.95 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 stock has a 50 day moving average price of $206.07 and a two-hundred day moving average price of $220.98. 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 firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors 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 annualized dividend and a yield of 0.2%. Progressive’s dividend payout ratio (DPR) is presently 2.08%.
Insiders Place Their Bets
In other Progressive news, insider Maribel Pumarejo sold 739 shares of the business’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karen Bailo sold 3,517 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $745,604.00. Following the transaction, the insider owned 32,348 shares in the company, valued at approximately $6,857,776. The trade was a 9.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,417 shares of company stock worth $2,357,289 in the last quarter. Insiders own 0.34% of the company’s stock.
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
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.
Further Reading
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR – Free Report).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.
