Mackenzie Financial Corp Reduces Holdings in The Progressive Corporation $PGR

Mackenzie Financial Corp trimmed its stake in shares of The Progressive Corporation (NYSE:PGR) by 16.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 503,122 shares of the insurance provider’s stock after selling 95,814 shares during the quarter. Mackenzie Financial Corp’s holdings in Progressive were worth $124,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of PGR. Quadrant Capital Group LLC increased its position in shares of Progressive by 2.7% in the third quarter. Quadrant Capital Group LLC now owns 14,096 shares of the insurance provider’s stock valued at $3,481,000 after acquiring an additional 366 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Progressive by 2.3% during the third quarter. Van ECK Associates Corp now owns 114,728 shares of the insurance provider’s stock worth $28,332,000 after purchasing an additional 2,569 shares during the period. Ceredex Value Advisors LLC purchased a new stake in shares of Progressive during the third quarter worth about $42,639,000. Capital Research Global Investors grew its stake in shares of Progressive by 26.1% in 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, Capital International Sarl grew its stake in shares of Progressive by 24.6% in the third quarter. Capital International Sarl now owns 14,633 shares of the insurance provider’s stock worth $3,614,000 after purchasing an additional 2,890 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Progressive

In other Progressive news, insider Karen Bailo sold 3,517 shares of the firm’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 $745,604.00. Following the completion of the transaction, the insider owned 32,348 shares of the company’s stock, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Carl G. Joyce sold 141 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $29,892.00. Following the sale, the chief accounting officer owned 828 shares in the company, valued at approximately $175,536. This trade represents a 14.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,761 shares of company stock valued at $2,659,420 over the last ninety days. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a research report on Monday, December 29th. Piper Sandler reiterated an “overweight” rating and issued a $259.00 price objective on shares of Progressive in a research report on Monday, March 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. Keefe, Bruyette & Woods upped their target price on Progressive from $225.00 to $232.00 and gave the company a “market perform” rating in a report on Thursday, February 19th. Finally, JPMorgan Chase & Co. dropped their price target on Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $241.94.

Progressive News Roundup

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 Performance

Shares of PGR opened at $201.19 on Thursday. The company has a 50-day simple moving average of $207.56 and a two-hundred day simple moving average of $223.03. 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 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 Progressive Corporation has a one year low of $197.92 and a one year high of $292.99.

Progressive Announces Dividend

The company also recently announced 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive’s dividend payout ratio (DPR) is presently 2.08%.

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.