Franklin Resources Inc. Has $424.95 Million Stock Position in The Progressive Corporation $PGR

Franklin Resources Inc. lowered its holdings in shares of The Progressive Corporation (NYSE:PGR) by 28.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,720,804 shares of the insurance provider’s stock after selling 669,747 shares during the period. Franklin Resources Inc.’s holdings in Progressive were worth $424,953,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PGR. Davis Capital Management acquired a new stake in Progressive in the third quarter valued at $25,000. Atlantic Union Bankshares Corp acquired a new position in Progressive during the 2nd quarter worth about $33,000. Howard Hughes Medical Institute acquired a new position in Progressive during the 2nd quarter worth about $34,000. Ameriflex Group Inc. grew its position in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after buying an additional 65 shares during the last quarter. Finally, TruNorth Capital Management LLC grew its position in shares of Progressive by 450.0% in the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock valued at $41,000 after buying an additional 135 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Trending Headlines about Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Progressive is expanding its market presence in North America, which supports longer-term premium growth and distribution reach. Progressive Insurance Expands Market Presence In North America
• Positive Sentiment: Bank of America kept a Buy stance while slightly trimming its price target (from $315 to $308), which signals continued analyst confidence in the company’s longer-term earnings power despite near-term headwinds. Bank of America PT Cut
• Positive Sentiment: Progressive announced a small quarterly dividend (record April 2; payable April 10). While the yield is modest, the payout and prior special dividends highlight management’s willingness to return capital, which can support income-oriented holders. Progressive Dividend Announcement
• Positive Sentiment: Featured investor commentary continues to highlight Progressive as a high-conviction, dividend-oriented name due to strong underwriting, data advantages and market-share resilience. (This bolsters buy-side narratives even as growth moderates.) Heads, I Win – Tails, I Don’t Lose
• Neutral Sentiment: A recent analysis notes Progressive’s fundamentals remain intact but growth is moderating, which helps explain mixed near-term sentiment: profitable and well-capitalized, but with slower top-line momentum. Progressive: Moderating Growth But Intact Fundamentals
• Neutral Sentiment: Note: a press item about Progressive Planet (ticker PLAN) releasing low-carbon cement is unrelated to PGR and can cause ticker confusion in headlines. Progressive Planet Unveils Low-Carbon LCD Cement
• Negative Sentiment: BMO Capital Markets cut its price target to $208 and moved to a “market perform” rating, increasing near-term downside risk perception and likely contributing to selling pressure. BMO Lowers PT to $208
• Negative Sentiment: Insider selling: Chief Accounting Officer Carl Joyce disclosed a sale (141 shares) and another recent insider (Karen Bailo) sold shares — small transactions but they can weigh on sentiment when paired with analyst caution. Carl Joyce Form 4 Karen Bailo Sale

Insider Activity at Progressive

In other news, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the sale, the executive owned 26,250 shares of the company’s stock, valued at $5,330,062.50. This trade represents a 7.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the sale, the insider owned 32,348 shares of the company’s stock, valued at $6,857,776. This represents a 9.81% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 12,761 shares of company stock worth $2,659,420. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group restated a “buy” rating and set a $225.00 price objective on shares of Progressive in a research report on Monday, February 23rd. Argus upgraded Progressive to a “hold” rating in a report on Thursday, March 5th. Jefferies Financial Group set a $216.00 target price on shares of Progressive in a research report on Wednesday, February 11th. Mizuho set a $240.00 price target on shares of Progressive in a report on Wednesday, January 14th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $225.00 to $232.00 and gave the stock a “market perform” rating in a research report on Thursday, February 19th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $241.94.

Progressive Stock Down 2.8%

Shares of Progressive stock opened at $201.19 on Thursday. The stock’s 50-day moving average is $207.56 and its 200 day moving average is $223.03. The Progressive Corporation has a one year low of $197.92 and a one year high of $292.99. The firm has a market cap of $117.88 billion, a price-to-earnings ratio of 10.46, a PEG ratio of 9.00 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.35 and a quick ratio of 0.35.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio is presently 2.08%.

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.