The Progressive Corporation $PGR Shares Bought by Kentucky Retirement Systems

Kentucky Retirement Systems raised its holdings in shares of The Progressive Corporation (NYSE:PGR) by 23.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,574 shares of the insurance provider’s stock after buying 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 hedge funds have also modified their holdings of PGR. Bogart Wealth LLC grew its stake in Progressive by 235.1% during the 1st quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 87 shares in the last quarter. Bard Associates Inc. purchased a new position in Progressive in the 4th quarter worth approximately $27,000. HHM Wealth Advisors LLC lifted its stake in Progressive by 700.0% in the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new position in shares of Progressive during the 4th quarter worth approximately $29,000. Finally, Entrust Financial LLC acquired a new position in shares of Progressive during the 4th quarter worth approximately $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other news, insider Karen Bailo sold 8,452 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.71, for a total transaction of $1,797,824.92. Following the completion of the transaction, the insider directly owned 32,348 shares in the company, valued at approximately $6,880,743.08. This represents a 20.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CIO Jonathan S. Bauer sold 2,242 shares of the firm’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $476,895.82. Following the sale, the executive directly owned 26,250 shares of the company’s stock, valued at $5,583,637.50. The trade was a 7.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 74,885 shares of company stock valued at $15,880,459 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Wells Fargo & Company cut their price target on Progressive from $205.00 to $198.00 and set an “underweight” rating for the company in a report on Thursday, July 16th. Royal Bank Of Canada set a $208.00 price objective on Progressive in a research note on Friday, May 22nd. Keefe, Bruyette & Woods dropped their target price on Progressive from $231.00 to $226.00 and set a “market perform” rating for the company in a report on Thursday, July 16th. William Blair reaffirmed a “market perform” rating on shares of Progressive in a research note on Wednesday, July 15th. Finally, Evercore set a $240.00 price target on Progressive in a report on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $236.11.

Progressive News Roundup

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 Stock Up 0.5%

Shares of NYSE PGR opened at $220.52 on Thursday. The company has a 50 day simple moving average of $210.81 and a 200-day simple moving average of $206.02. The company has a market capitalization of $128.86 billion, a P/E ratio of 11.06, a P/E/G ratio of 2.96 and a beta of 0.26. 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 Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $254.93.

Progressive Dividend Announcement

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

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.