Janus Henderson Group PLC Lowers Position in The Progressive Corporation $PGR

Janus Henderson Group PLC trimmed its holdings in shares of The Progressive Corporation (NYSE:PGR) by 13.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,731,581 shares of the insurance provider’s stock after selling 715,686 shares during the quarter. Janus Henderson Group PLC owned 0.81% of Progressive worth $937,960,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Norges Bank acquired a new stake in shares of Progressive during the fourth quarter valued at about $1,836,094,000. Wellington Management Group LLP raised its stake in shares of Progressive by 181.8% in 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 period. Diamant Asset Management Inc. lifted its holdings in shares of Progressive by 19,724.0% in the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider’s stock worth $806,614,000 after acquiring an additional 4,048,351 shares during the last quarter. Life Cycle Investment Partners Ltd acquired a new position in shares of Progressive in the 4th quarter worth approximately $353,906,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Progressive by 193.2% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider’s stock worth $502,519,000 after purchasing an additional 1,454,111 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR stock opened at $220.52 on Thursday. The firm has a 50 day moving average of $210.81 and a two-hundred day moving average of $206.02. The stock has a market capitalization of $128.86 billion, a PE 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 Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93.

Progressive Dividend Announcement

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

Insider Transactions at Progressive

In other Progressive news, CFO Andrew J. Quigg sold 3,499 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $220.00, for a total value of $769,780.00. Following the sale, the chief financial officer owned 42,595 shares of the company’s stock, valued at $9,370,900. This trade represents a 7.59% decrease in their position. The transaction 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, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total value of $1,514,310.00. Following the completion of the transaction, the director owned 22,546 shares of the company’s stock, valued at $4,877,376.18. The trade was a 23.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 74,885 shares of company stock valued at $15,880,459 in the last 90 days. Insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on PGR shares. UBS Group boosted their target price on Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research report on Tuesday, June 30th. HSBC raised their price target on Progressive from $214.00 to $221.00 and gave the stock a “hold” rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods cut their price objective on Progressive from $231.00 to $226.00 and set a “market perform” rating on the stock in a report on Thursday, July 16th. William Blair reissued a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Finally, Morgan Stanley upgraded Progressive from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $190.00 to $210.00 in a report on Friday, July 24th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $236.11.

Key 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

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.