The Progressive Corporation $PGR Position Cut by SG Americas Securities LLC

SG Americas Securities LLC reduced its holdings in The Progressive Corporation (NYSE:PGR) by 0.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,133,726 shares of the insurance provider’s stock after selling 7,015 shares during the quarter. SG Americas Securities LLC owned 0.19% of Progressive worth $224,750,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Bard Associates Inc. bought a new position in shares of Progressive in the fourth quarter worth $27,000. Dagco Inc. acquired a new position in shares of Progressive during the fourth quarter valued at $28,000. Ameriflex Group Inc. raised its stake in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after purchasing an additional 65 shares in the last quarter. IFC & Insurance Marketing Inc. bought a new stake in shares of Progressive during the fourth quarter valued at about $29,000. Finally, Acumen Wealth Advisors LLC acquired a new stake in Progressive in the fourth quarter worth about $33,000. Institutional investors own 85.34% of the company’s stock.

More Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May results showed stronger earnings momentum, with higher premiums, investment income, and underwriting performance helping drive a 36% year-over-year earnings increase. Progressive’s May Earnings Increase Y/Y on Higher Investment Income
• Positive Sentiment: Bank of America kept a Buy rating on Progressive despite trimming its price target, which still implies meaningful upside from current levels. Progressive price target lowered by Bank of America Corporation
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target for Progressive, signaling continued confidence in the company’s outlook. Progressive price target raised by Keefe, Bruyette & Woods
• Neutral Sentiment: Progressive is getting attention from investors and appears on undervalued-stock screens, but these are more sentiment-driven than company-specific catalysts. 5 Most Undervalued NYSE Stocks to Invest In
• Neutral Sentiment: Analysts remain split on Progressive, with conflicting views highlighting uncertainty around valuation and future earnings durability. Analysts Have Conflicting Sentiments on These Financial Companies: Progressive (PGR) and Open Lending (LPRO)

Analysts Set New Price Targets

PGR has been the topic of several research analyst reports. UBS Group raised their target price on shares of Progressive from $218.00 to $220.00 and gave the company a “neutral” rating in a research note on Monday, March 23rd. Jefferies Financial Group reduced their price target on shares of Progressive from $216.00 to $215.00 and set a “hold” rating for the company in a research note on Tuesday, March 24th. Piper Sandler reiterated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Evercore reissued a “negative” rating on shares of Progressive in a report on Wednesday, March 18th. Finally, Mizuho dropped their target price on Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a report on Friday, March 20th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus price target of $237.58.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,157 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $231,400.00. Following the completion of the sale, the insider directly owned 28,668 shares of the company’s stock, valued at $5,733,600. This trade represents a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Jo Murphy sold 5,916 shares of Progressive stock in a transaction on Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the completion of the transaction, the insider owned 41,290 shares in the company, valued at $8,258,000. The trade was a 12.53% 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. 0.32% of the stock is currently owned by corporate insiders.

Progressive Stock Performance

NYSE:PGR opened at $204.42 on Monday. The Progressive Corporation has a twelve month low of $189.20 and a twelve month high of $267.92. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $200.01 and a 200-day moving average of $207.09. The firm has a market cap of $119.45 billion, a price-to-earnings ratio of 10.39, a price-to-earnings-growth ratio of 6.31 and a beta of 0.28.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the previous year, the firm earned $4.37 EPS. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. Analysts forecast that The Progressive Corporation will post 16.82 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is 2.03%.

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.