The Progressive Corporation $PGR Shares Purchased by Kentucky Retirement Systems

Kentucky Retirement Systems raised its position in The Progressive Corporation (NYSE:PGR) by 23.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,574 shares of the insurance provider’s stock after purchasing an additional 8,782 shares during the quarter. Kentucky Retirement Systems’ holdings in Progressive were worth $9,035,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Bogart Wealth LLC grew its stake 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 in the last quarter. Bard Associates Inc. purchased a new stake in shares of Progressive in the 4th quarter valued at $27,000. HHM Wealth Advisors LLC lifted its stake 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 in the last quarter. IFC & Insurance Marketing Inc. acquired a new position in Progressive during the 4th quarter worth about $29,000. Finally, Entrust Financial LLC purchased a new position in Progressive during the 4th quarter valued at about $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of NYSE PGR opened at $220.52 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.32 and a quick ratio of 0.27. The company has a market cap of $128.86 billion, a price-to-earnings ratio of 11.06, a price-to-earnings-growth ratio of 2.96 and a beta of 0.26. The stock’s 50-day moving average is $210.81 and its two-hundred day moving average is $206.02. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $254.93.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is currently 2.01%.

Insiders Place Their Bets

In other news, CFO Andrew J. Quigg sold 3,499 shares of Progressive stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total transaction of $769,780.00. Following the completion of the sale, the chief financial officer directly owned 42,595 shares of the company’s stock, valued at approximately $9,370,900. The trade was a 7.59% decrease in their position. The transaction was disclosed in a document filed 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, CIO Jonathan S. Bauer sold 2,242 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $476,895.82. Following the transaction, the executive owned 26,250 shares of the company’s stock, valued at approximately $5,583,637.50. The trade was a 7.87% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 74,885 shares of company stock worth $15,880,459. 0.32% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have weighed in on PGR. Wells Fargo & Company dropped their target price on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a research report on Thursday, July 16th. BMO Capital Markets reduced their price target on shares of Progressive from $220.00 to $205.00 and set a “market perform” rating on the stock in a research report on Thursday, July 16th. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $190.00 to $210.00 in a research note on Friday, July 24th. Mizuho upped their target price on shares of Progressive from $217.00 to $243.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Finally, William Blair reiterated a “market perform” rating on shares of Progressive in a report on Wednesday, July 15th. Five research 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’s stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus 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

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.