The Progressive Corporation $PGR Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its holdings in The Progressive Corporation (NYSE:PGR) by 3.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,874,152 shares of the insurance provider’s stock after selling 522,798 shares during the period. Bank of America Corp DE’s holdings in Progressive were worth $2,552,172,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PGR. Norges Bank acquired a new position in Progressive in the 4th quarter valued at about $1,836,094,000. Wellington Management Group LLP raised its stake in Progressive by 181.8% during the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider’s stock valued at $1,481,615,000 after acquiring an additional 4,197,212 shares during the last quarter. Diamant Asset Management Inc. raised its stake in Progressive by 19,724.0% during the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock valued at $806,614,000 after acquiring an additional 4,048,351 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new stake in Progressive during the 4th quarter worth approximately $353,906,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Progressive by 193.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock valued at $502,519,000 after purchasing an additional 1,454,111 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

More Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: The scheduled nature of the transactions reduces the likelihood that the sales signal a current deterioration in Progressive’s business outlook. Despite the sales, executives continue to hold substantial positions in the company.
• Positive Sentiment: Analyst sentiment remains broadly supportive. Progressive has an average rating of “Hold” and a consensus price target of $236.11, above its recent trading level. UBS raised its target to $230, while Morgan Stanley upgraded the stock to “Equal Weight.”
• Neutral Sentiment: Progressive recently paid a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a roughly 0.2% yield. The dividend provides limited income support because of its small size.
• Neutral Sentiment: Institutional investors own approximately 85.34% of Progressive, and several smaller investment firms modestly increased their holdings. This indicates continued institutional participation but is not a major new catalyst.
• Negative Sentiment: Progressive insiders reported significant selling. CEO Susan Patricia Griffith sold 37,338 shares for about $7.94 million; Karen Bailo sold 8,452 shares; CIO Jonathan Bauer sold 2,242 shares; John Jo Murphy sold 8,124 shares; and CFO Andrew J. Quigg sold 3,499 shares for about $770,000. The sales reduce individual holdings by approximately 6.7% to 20.7% and could create a cautious near-term signal, even though they were planned in advance. Progressive CFO insider-sale filing

Analyst Ratings Changes

A number of research firms have recently issued reports on PGR. UBS Group boosted their target price on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Evercore set a $240.00 price target on Progressive in a report on Friday, July 10th. Keefe, Bruyette & Woods lowered their price objective on shares of Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Finally, Weiss Ratings downgraded shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $236.11.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 8,124 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the sale, the insider owned 41,291 shares in the company, valued at $8,782,595.70. This trade represents a 16.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the transaction, the insider owned 32,348 shares in the company, valued at $6,880,743.08. The trade was a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 74,885 shares of company stock worth $15,880,459. Insiders own 0.32% of the company’s stock.

Progressive Stock Up 0.5%

Progressive stock opened at $220.52 on Thursday. The stock’s 50 day moving average price is $210.81 and its 200 day moving average price is $206.02. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93. The company has a market cap of $128.86 billion, a PE ratio of 11.06, a price-to-earnings-growth ratio of 2.96 and a beta of 0.26. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27.

Progressive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio is 2.01%.

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.