Bank of Montreal Can Buys 134,602 Shares of The Progressive Corporation $PGR

Key Points

• Bank of Montreal Can boosted its stake in The Progressive Corporation by 18.3%, buying 134,602 shares to hold 870,705 shares worth $215,021,000 (about 0.15% of the company).
• Corporate insiders have been net sellers recently — Karen Bailo sold 3,517 shares and insiders sold 12,761 shares totaling roughly $2.66 million in the last three months, which could indicate near‑term profit‑taking.
• Progressive declared a $0.10 quarterly dividend (annualized $0.40, ~0.2% yield) while the analyst consensus is a Hold with an average price target of $243.28.

Bank of Montreal Can lifted its position in The Progressive Corporation (NYSE:PGR - Free Report) by 18.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 870,705 shares of the insurance provider's stock after purchasing an additional 134,602 shares during the quarter. Bank of Montreal Can owned 0.15% of Progressive worth $215,021,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Davis Capital Management bought a new stake in Progressive during the third quarter worth about $25,000. Ameriflex Group Inc. raised its stake in shares of Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after acquiring an additional 65 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Progressive in the 2nd quarter worth approximately $33,000. Howard Hughes Medical Institute acquired a new position in shares of Progressive in the 2nd quarter worth approximately $34,000. Finally, TruNorth Capital Management LLC grew its position in Progressive by 450.0% during the 3rd quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider's stock worth $41,000 after acquiring an additional 135 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Trending Headlines about Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Analyst / dividend bullishness — A Seeking Alpha piece highlights PGR as a high-conviction, dividend-friendly insurance pick, citing Progressive’s data-driven underwriting, market-share gains and attractive total yield — a constructive narrative for long-term investors. Seeking Alpha: Heads, I Win - Tails, I Don't Lose
• Neutral Sentiment: Bank of America lowered its price target from $315 to $308 but kept a "buy" rating — still signaling conviction but trimming upside expectations vs. prior targets. This is supportive but slightly less bullish than before. Benzinga: BofA price target update
• Neutral Sentiment: Quarterly dividend declared — Progressive announced a $0.10 quarterly common-share dividend (payable Apr. 10; record Apr. 2). The yield is small (~0.2%), so it’s a modest income signal rather than a major catalyst. GlobeNewswire: Dividend Announcement
• Neutral Sentiment: Unrelated company news — Progressive Planet Solutions TSE: PLAN unveiled low‑carbon cement and R&D expansion. This concerns a different firm (PLAN) and is not material to PGR’s insurance fundamentals. TipRanks: Progressive Planet product release
• Negative Sentiment: Insider selling — Two execs disclosed sales: CFO/CAO Carl Joyce sold 141 shares and senior executive Karen Bailo sold 3,517 shares (both at ~$212), reducing their stakes. Insider dispositions can create short-term selling pressure or signal profit-taking. SEC Form 4 (Carl Joyce) SEC Form 4 (Karen Bailo)
• Negative Sentiment: Recent price weakness — Coverage notes and market commentary flagged a recent intraday dip (PGR down vs. market gains), underscoring near-term volatility as analysts refine views. Zacks: Stock Dips While Market Gains

Progressive Stock Up 0.0%

Shares of PGR opened at $206.90 on Wednesday. The business's fifty day moving average price is $208.09 and its two-hundred day moving average price is $223.19. The firm has a market capitalization of $121.23 billion, a price-to-earnings ratio of 10.75, a PEG ratio of 9.00 and a beta of 0.33. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $292.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive's dividend payout ratio (DPR) is presently 2.08%.

Analysts Set New Price Targets

PGR has been the subject of a number of recent analyst reports. Argus raised Progressive to a "hold" rating in a report on Thursday, March 5th. Citigroup decreased their target price on Progressive from $300.60 to $261.00 and set a "buy" rating on the stock in a report on Tuesday, February 3rd. BMO Capital Markets lowered their target price on Progressive from $239.00 to $232.00 and set a "market perform" rating for the company in a research note on Thursday, January 29th. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $225.00 price target on shares of Progressive in a report on Monday, February 23rd. Finally, Piper Sandler reiterated an "overweight" rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $243.28.

Insider Activity

In related news, insider Karen Bailo sold 3,517 shares of the business's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $745,604.00. Following the completion of the sale, the insider directly owned 32,348 shares of the company's stock, valued at $6,857,776. The trade was a 9.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $336,973.15. Following the completion of the transaction, the insider owned 39,626 shares in the company, valued at $8,097,573.10. This represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 12,761 shares of company stock worth $2,659,420. Corporate insiders own 0.33% of the company's stock.

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.

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