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

Franklin Resources Inc. reduced its position in The Progressive Corporation (NYSE:PGR) by 28.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,720,804 shares of the insurance provider’s stock after selling 669,747 shares during the quarter. Franklin Resources Inc. owned about 0.29% of Progressive worth $424,953,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $2,156,939,000. Capital International Investors increased its stake in Progressive by 78.9% in the third quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider’s stock valued at $3,384,082,000 after acquiring an additional 6,045,732 shares during the last quarter. Alliancebernstein L.P. raised its position in Progressive by 32.8% during the second quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider’s stock valued at $2,928,141,000 after purchasing an additional 2,709,417 shares in the last quarter. Capital Research Global Investors lifted its stake in Progressive by 26.1% during the third quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider’s stock worth $2,757,905,000 after purchasing an additional 2,314,864 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Progressive by 0.9% during the second quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock worth $14,548,217,000 after purchasing an additional 493,332 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 3,105 shares of the stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $634,506.75. Following the completion of the transaction, the executive directly owned 26,249 shares in the company, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Karen Bailo sold 3,517 shares of Progressive stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $212.00, for a total value of $745,604.00. Following the sale, the insider directly owned 32,348 shares in the company, valued at $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 12,761 shares of company stock valued at $2,659,420. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Down 2.8%

Shares of NYSE:PGR opened at $201.19 on Thursday. The Progressive Corporation has a 52-week low of $197.92 and a 52-week high of $292.99. The company has a market capitalization of $117.88 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 9.00 and a beta of 0.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The company has a fifty day moving average of $207.56 and a 200-day moving average of $223.03.

Progressive Announces Dividend

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

Wall Street Analysts Forecast Growth

PGR has been the topic of several recent analyst reports. William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Citigroup dropped their price objective on Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Bank of America reduced their price objective on Progressive from $315.00 to $308.00 and set a “buy” rating on the stock in a research note on Tuesday. Wells Fargo & Company decreased their target price on Progressive from $220.00 to $214.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 19th. Finally, BMO Capital Markets lowered their target price on Progressive from $232.00 to $208.00 and set a “market perform” rating for the company in a research note on Wednesday. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $241.94.

Key Progressive News

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

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.