Mackenzie Financial Corp Lowers Position in The Progressive Corporation $PGR

Mackenzie Financial Corp decreased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 16.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 503,122 shares of the insurance provider’s stock after selling 95,814 shares during the period. Mackenzie Financial Corp owned approximately 0.09% of Progressive worth $124,246,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Davis Capital Management purchased a new stake in shares of Progressive in the 3rd quarter valued at about $25,000. Ameriflex Group Inc. boosted its position in shares of Progressive by 106.6% during the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider’s stock valued at $31,000 after acquiring an additional 65 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new position in shares of Progressive during the second quarter worth about $33,000. Howard Hughes Medical Institute purchased a new position in shares of Progressive during the second quarter worth about $34,000. Finally, TruNorth Capital Management LLC increased its position in shares of Progressive by 450.0% in the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 135 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PGR. Roth Mkm set a $235.00 target price on shares of Progressive in a research note on Thursday, February 19th. Argus raised shares of Progressive to a “hold” rating in a research note on Thursday, March 5th. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 18th. Piper Sandler reaffirmed an “overweight” rating and set a $259.00 price objective on shares of Progressive in a report on Monday, March 2nd. Finally, Mizuho set a $240.00 target price on shares of Progressive in a research report on Wednesday, January 14th. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $241.94.

Progressive News Summary

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

Progressive Stock Down 2.8%

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

Progressive Dividend Announcement

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

Insider Activity at Progressive

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the transaction, the executive owned 26,249 shares of the company’s stock, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 1,344 shares of the business’s stock in a transaction on Friday, December 19th. The stock was sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the sale, the insider directly owned 26,354 shares of the company’s stock, valued at $5,924,379.20. This represents a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,761 shares of company stock worth $2,659,420 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

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.