Connor Clark & Lunn Investment Management Ltd. Increases Position in The Progressive Corporation $PGR

Connor Clark & Lunn Investment Management Ltd. raised its stake in The Progressive Corporation (NYSE:PGR) by 99.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 196,883 shares of the insurance provider’s stock after buying an additional 98,053 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Progressive were worth $48,620,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PGR. Bell Investment Advisors Inc raised its stake in shares of Progressive by 20.8% in the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after acquiring an additional 44 shares during the period. Maia Wealth LLC grew its holdings in Progressive by 5.4% during the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after acquiring an additional 44 shares in the last quarter. Selective Wealth Management Inc. increased its position in shares of Progressive by 2.1% in the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock valued at $538,000 after purchasing an additional 45 shares during the last quarter. Liberty One Investment Management LLC boosted its position in shares of Progressive by 3.8% during the 3rd quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider’s stock worth $319,000 after acquiring an additional 47 shares in the last quarter. Finally, True Wealth Design LLC raised its position in shares of Progressive by 20.8% during the 3rd quarter. True Wealth Design LLC now owns 279 shares of the insurance provider’s stock worth $69,000 after acquiring an additional 48 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 141 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total transaction of $29,892.00. Following the transaction, the chief accounting officer owned 828 shares of the company’s stock, valued at $175,536. This represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CIO Jonathan S. Bauer sold 2,266 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the transaction, the executive owned 26,250 shares of the company’s stock, valued at $5,330,062.50. The trade was a 7.95% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 12,761 shares of company stock valued at $2,659,420. 0.34% of the stock is owned by company insiders.

Progressive Price Performance

Shares of NYSE:PGR opened at $205.10 on Friday. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $292.99. The company has a 50-day moving average price of $207.10 and a 200 day moving average price of $222.91. The company has a market cap of $120.17 billion, a P/E ratio of 10.66, a PEG ratio of 8.75 and a beta of 0.33. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.23.

Progressive Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Morgan Stanley cut their price target on shares of Progressive from $214.00 to $205.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 28th. HSBC downgraded Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. JPMorgan Chase & Co. cut their target price on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a report on Wednesday, January 7th. Barclays upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $257.00 to $265.00 in a research report on Thursday, January 8th. Finally, William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Seven investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $241.94.

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Goldman Sachs and others highlight PGR as an attractive, defensive insurance holding given strong 2025 results and tech-driven market share gains; Goldman reaffirmed a Buy and a $225 target — a vote of confidence for longer-term investors. Goldman Sachs Names PGR
• Positive Sentiment: MarketBeat and sector write-ups list Progressive among three insurers that can provide stability in volatile markets due to steady premium flows, underwriting discipline and higher investment income — supportive context for investors favoring defensive exposure. 3 Insurers to Bring Stability
• Neutral Sentiment: Analyst and equity research pieces note “moderating growth but intact fundamentals” for Progressive — suggests near-term growth pressures but that core profitability and underwriting metrics remain solid. Moderating Growth But Intact Fundamentals
• Neutral Sentiment: Two entries concern Progressive Planet Solutions (TSE:PLAN) reporting record Q3 revenue and one‑time charges to fund growth — this is a different company and unlikely to directly affect PGR’s fundamentals or stock, but it may cause headline noise for investors scanning “Progressive” news. Progressive Planet Posts Record Q3 Revenue Progressive Planet Q3 Results
• Negative Sentiment: BMO Capital Markets cut its price target for PGR to $208 and moved to Market Perform, signaling reduced near-term upside expectations and likely contributing to selling pressure among tactical investors. BMO Price Target Cut
• Negative Sentiment: Bank of America published a pessimistic forecast for PGR’s stock outlook, adding to downward pressure from cautious sell‑side sentiment. Bank of America Issues Pessimistic Forecast
• Negative Sentiment: Progressive CFO John Sauerland announced retirement after a 35‑year tenure — a material leadership change that may create short-term uncertainty about financial stewardship and succession, though management has a long track record at the company. CFO Retirement

Progressive Company 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.