The Manufacturers Life Insurance Company Sells 10,443 Shares of The Progressive Corporation $PGR

The Manufacturers Life Insurance Company lowered its holdings in shares of The Progressive Corporation (NYSE:PGR) by 3.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 329,875 shares of the insurance provider’s stock after selling 10,443 shares during the period. The Manufacturers Life Insurance Company’s holdings in Progressive were worth $65,394,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Bard Associates Inc. acquired a new stake in shares of Progressive during the 4th quarter worth approximately $27,000. Bogart Wealth LLC grew its holdings in Progressive by 235.1% in the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 87 shares during the period. IFC & Insurance Marketing Inc. bought a new stake in Progressive in the fourth quarter valued at $29,000. HHM Wealth Advisors LLC boosted its position in shares of 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 purchasing an additional 126 shares in the last quarter. Finally, Acumen Wealth Advisors LLC acquired a new stake in shares of Progressive in the 4th quarter valued at about $33,000. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other Progressive news, insider Karen Bailo sold 8,452 shares of the company’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the transaction, the insider owned 32,348 shares in the company, valued at $6,880,743.08. This represents a 20.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the sale, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. This represents a 7.59% 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. Company insiders own 0.32% of the company’s stock.

Key Stories Impacting Progressive

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on PGR shares. HSBC upped their price target on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research note on Monday, July 6th. UBS Group boosted their target price on shares of Progressive from $220.00 to $230.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. Weiss Ratings cut shares of Progressive from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Mizuho lifted their price target on Progressive from $217.00 to $243.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Finally, Wells Fargo & Company decreased their price objective on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday, July 16th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $236.11.

Progressive Price Performance

Progressive stock opened at $220.52 on Thursday. The stock has a market cap of $128.86 billion, a P/E ratio of 11.06, a P/E/G ratio of 2.96 and a beta of 0.26. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The company’s 50 day moving average price is $210.81 and its two-hundred day moving average price is $206.02. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were given a $0.10 dividend. The ex-dividend date of this dividend 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%.

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.