The Progressive Corporation $PGR Shares Sold by Janus Henderson Group PLC

Janus Henderson Group PLC lessened its holdings in The Progressive Corporation (NYSE:PGR) by 13.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,731,581 shares of the insurance provider’s stock after selling 715,686 shares during the quarter. Janus Henderson Group PLC’s holdings in Progressive were worth $937,960,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bard Associates Inc. acquired a new position in shares of Progressive during the 4th quarter worth about $27,000. Bogart Wealth LLC increased its holdings in shares of Progressive by 235.1% in 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 during the last quarter. IFC & Insurance Marketing Inc. acquired a new stake in shares of Progressive during the 4th quarter worth about $29,000. HHM Wealth Advisors LLC lifted its stake in Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 126 shares during the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new stake in Progressive during the fourth quarter worth approximately $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Up 0.5%

PGR opened at $220.52 on Thursday. The company has a quick ratio of 0.27, a current ratio of 0.32 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93. The business’s 50 day moving average is $210.81 and its two-hundred day moving average is $206.02. The firm 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.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Thursday, July 2nd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, July 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s dividend payout ratio (DPR) is 2.01%.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 8,124 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the sale, the insider owned 41,291 shares in the company, valued at $8,782,595.70. This represents a 16.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 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 $7,942,165.98. Following the sale, the chief executive officer owned 522,776 shares of the company’s stock, valued at approximately $111,199,682.96. This represents a 6.67% 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. Over the last ninety days, insiders sold 74,885 shares of company stock worth $15,880,459. Corporate insiders own 0.32% of the company’s stock.

Trending Headlines about Progressive

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

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. UBS Group increased their price target on shares of Progressive from $220.00 to $230.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Bank of America reduced their price objective on shares of Progressive from $313.00 to $308.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. HSBC upped their target price on shares of Progressive from $214.00 to $221.00 and gave the company a “hold” rating in a report on Monday, July 6th. Wells Fargo & Company cut their price target on shares of Progressive from $205.00 to $198.00 and set an “underweight” rating on the stock in a research note on Thursday, July 16th. Finally, Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Progressive presently has an average rating of “Hold” and an average target price of $236.11.

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.