California State Teachers Retirement System decreased its holdings in The Progressive Corporation (NYSE:PGR – Free Report) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 862,577 shares of the insurance provider’s stock after selling 22,977 shares during the quarter. California State Teachers Retirement System owned approximately 0.15% of Progressive worth $170,997,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Bogart Wealth LLC raised its holdings in shares of Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after buying an additional 87 shares during the last quarter. Bard Associates Inc. bought a new stake in Progressive during the 4th quarter worth about $27,000. HHM Wealth Advisors LLC grew its holdings in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 126 shares during the last quarter. IFC & Insurance Marketing Inc. acquired a new stake in Progressive in the 4th quarter valued at about $29,000. Finally, Entrust Financial LLC acquired a new stake in Progressive in the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 85.34% of the company’s stock.
Insider Activity
In other Progressive news, insider John Jo Murphy sold 8,124 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the transaction, the insider directly owned 41,291 shares of the company’s stock, valued at approximately $8,782,595.70. The trade was a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total value of $1,514,310.00. Following the sale, the director directly owned 22,546 shares in the company, valued at approximately $4,877,376.18. This represents a 23.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 71,386 shares of company stock valued at $15,110,679. Company insiders own 0.32% of the company’s stock.
Progressive Stock Up 2.0%
Progressive Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive’s payout ratio is currently 2.01%.
Trending Headlines about Progressive
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: The insider transactions were scheduled in advance under Rule 10b5-1 plans, which generally reduces the likelihood that the sales reflect a current negative view of Progressive’s business or outlook.
- Neutral Sentiment: A Zacks analyst blog highlighted PGR alongside Intel and Dell. The item may increase visibility for Progressive, but the available report does not provide a specific new earnings estimate, recommendation, or fundamental catalyst. The Zacks Analyst Blog Highlights INTC, DELL and PGR
- Negative Sentiment: Progressive insiders collectively sold 56,156 shares for approximately $11.9 million. CEO Susan Patricia Griffith sold 37,338 shares, while Karen Bailo, Jonathan S. Bauer and John Jo Murphy sold 8,452, 2,242 and 8,124 shares, respectively. The sales reduced their individual holdings by roughly 6.7% to 20.7%, creating some near-term selling pressure and a potentially cautious signal despite the pre-arranged plans. Progressive CEO insider-sale filing
Wall Street Analyst Weigh In
PGR has been the topic of a number of research reports. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research report on Friday, May 22nd. HSBC raised their price target on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a report on Monday, July 6th. Mizuho upped their price objective on Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Bank of America decreased their price objective on Progressive from $313.00 to $308.00 and set a “buy” rating on the stock in a research report on Thursday, July 16th. Finally, Morgan Stanley raised Progressive from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $190.00 to $210.00 in a research note on Friday. Five investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Progressive currently has a consensus rating of “Hold” and an average price target of $236.11.
Get Our Latest Stock Report on Progressive
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.
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