3,016,504 Shares in The Progressive Corporation $PGR Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon bought 3.02 million Progressive shares worth approximately $659 million, taking a 0.52% stake. Institutional investors and hedge funds collectively own 85.34% of PGR.
• Progressive reported stronger-than-expected quarterly results, with EPS of $5.67 versus the $4.64 consensus and revenue of $23.61 billion versus $19.49 billion expected.
• Analyst sentiment remains mixed: KBW upgraded the stock to “outperform” with a $250 target, while the broader analyst consensus is “Hold” with an average target of $236.05. Insiders have also sold $17.4 million of shares over the past 90 days.

Bank of New York Mellon Corp bought a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,016,504 shares of the insurance provider's stock, valued at approximately $658,955,000. Bank of New York Mellon Corp owned approximately 0.52% of Progressive at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PGR. Allstate Corp raised its stake in shares of Progressive by 106.1% during the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider's stock worth $10,136,000 after purchasing an additional 22,915 shares in the last quarter. Norges Bank bought a new stake in shares of Progressive in the 4th quarter valued at approximately $1,836,094,000. Investment House LLC bought a new stake in shares of Progressive in the 4th quarter valued at approximately $8,447,000. Van Cleef Asset Management Inc increased its holdings in Progressive by 1.2% in the fourth quarter. Van Cleef Asset Management Inc now owns 761,587 shares of the insurance provider's stock worth $173,429,000 after buying an additional 9,017 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd acquired a new position in Progressive in the fourth quarter worth approximately $353,906,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 37,338 shares of the company's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $7,942,165.98. Following the completion of the transaction, the chief executive officer owned 522,776 shares of the company's stock, valued at $111,199,682.96. This represents a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Karen Bailo sold 8,452 shares of the firm's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.71, for a total value of $1,797,824.92. Following the completion of the sale, the insider owned 32,348 shares of the company's stock, valued at $6,880,743.08. This represents a 20.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 82,224 shares of company stock valued at $17,416,438. Corporate insiders own 0.32% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on PGR shares. BMO Capital Markets reiterated a "market perform" rating on shares of Progressive in a research note on Wednesday. HSBC increased their price target on shares of Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a research note on Monday, July 6th. Evercore set a $240.00 price objective on shares of Progressive in a research note on Friday, July 10th. Keefe, Bruyette & Woods upgraded shares of Progressive from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $226.00 to $250.00 in a report on Thursday. Finally, Bank of America lowered their target price on shares of Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a research report on Thursday, July 16th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Progressive has an average rating of "Hold" and an average target price of $236.05.

Progressive Stock Up 1.5%

Shares of PGR stock opened at $220.60 on Friday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $252.82. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The firm has a market cap of $128.25 billion, a PE ratio of 11.06, a price-to-earnings-growth ratio of 2.93 and a beta of 0.27. The stock has a 50 day moving average of $215.20 and a 200-day moving average of $206.55.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The insurance provider reported $5.67 earnings per share for the quarter, beating analysts' consensus estimates of $4.64 by $1.03. The firm had revenue of $23.61 billion during the quarter, compared to the consensus estimate of $19.49 billion. Progressive had a net margin of 12.84% and a return on equity of 32.92%. The business's revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm earned $5.40 EPS. On average, equities analysts predict that The Progressive Corporation will post 17.55 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's dividend payout ratio (DPR) is 2.01%.

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Keefe, Bruyette & Woods upgraded PGR to “outperform” from “market perform” and raised its price target to $250 from $226, implying meaningful upside from recent trading levels. KBW upgrades Progressive
• Positive Sentiment: July operating growth remained solid: net premiums written and earned both rose 5% year over year, while total policies in force increased 7% to 40.3 million. Personal auto policies were particularly strong, with direct auto policies up 9%. Progressive July 2026 results
• Neutral Sentiment: Analyst views remain mixed. Wells Fargo raised its price target modestly to $201 from $198 but retained an “underweight” rating, while William Blair maintained a “hold” stance, citing earnings deceleration and slower growth. Wells Fargo rating update
• Negative Sentiment: July earnings weakened despite premium growth. Net income fell 12% to $961 million and earnings per share declined 11% to $1.65. The combined ratio worsened to 86.8 from 85.3, indicating lower underwriting profitability, while realized securities results swung to a $47 million loss from a $79 million gain. Progressive July earnings analysis
• Negative Sentiment: Reported insider activity may weigh on sentiment: available data showed multiple company insiders selling shares over the past six months and no reported insider purchases.

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.

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