Fifth Third Bancorp Purchases 115,330 Shares of The Progressive Corporation $PGR

Key Points

• Fifth Third Bancorp more than doubled its stake in Progressive during the first quarter, buying an additional 115,330 shares and bringing its total holding to 220,209 shares worth about $43.7 million.
• Institutional ownership remains very high, with 85.34% of Progressive’s stock held by institutional investors, even as some insiders have been selling shares recently.
• Analyst sentiment is mixed but generally constructive: Mizuho raised its price target to $243, and the consensus rating remains Hold with an average price target of $238.05.

Fifth Third Bancorp increased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 110.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 220,209 shares of the insurance provider's stock after acquiring an additional 115,330 shares during the period. Fifth Third Bancorp's holdings in Progressive were worth $43,654,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PGR. 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 worth $25,000 after purchasing an additional 87 shares in the last quarter. Bard Associates Inc. purchased a new position in shares of Progressive in the fourth quarter worth $27,000. Dagco Inc. bought a new position in shares of Progressive during the fourth quarter valued at $28,000. HHM Wealth Advisors LLC lifted its holdings in shares of Progressive by 700.0% during the first quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock valued at $29,000 after purchasing an additional 126 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. purchased a new stake in shares of Progressive during the fourth quarter valued at $29,000. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 5,916 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the completion of the sale, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the company's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total transaction of $236,907.32. Following the sale, the insider directly owned 27,511 shares of the company's stock, valued at approximately $5,633,152.36. This represents a 4.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 15,230 shares of company stock valued at $3,165,817. 0.32% of the stock is owned by insiders.

Key Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Mizuho raised its price target on Progressive (PGR) to $243 from $217, while keeping a neutral rating, signaling improved expectations for the insurer’s near-term upside. Mizuho Raises Progressive Price Target
• Positive Sentiment: DOWLING & PARTNERS increased its FY2026 earnings estimate for Progressive to $18.00 per share from $17.75, above the broader consensus of $17.28, which suggests analysts see continued earnings strength. Progressive Analyst Estimate Increase
• Positive Sentiment: One recent commentary piece argued that improving underwriting trends and a possible index-exit effect could be a “game changer” for Progressive, reinforcing the bullish view that fundamentals may support the stock. Index Exit and Upbeat Underwriting Trends Could Be A Game Changer For Progressive
• Neutral Sentiment: Another article said Progressive still looks fully valued after Russell Growth Index exits, which could limit enthusiasm even though it does not change the company’s operating outlook. Progressive After Russell Growth Index Exits Still Looks Fully Valued
• Neutral Sentiment: A comparison piece versus Allstate argued that Progressive’s valuation remains premium relative to peers, highlighting a potential headwind for multiple expansion rather than a direct business concern. Allstate Vs. Progressive: Buy Allstate’s Deep-Value Multiple Not Progressive’s Premium Run

Analyst Ratings Changes

Several equities research analysts recently commented on PGR shares. Jefferies Financial Group reduced their price objective on Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a report on Tuesday, March 24th. Evercore set a $240.00 price target on shares of Progressive in a report on Friday. Bank of America reduced their price target on shares of Progressive from $331.00 to $313.00 and set a "buy" rating for the company in a research note on Thursday, June 18th. Mizuho boosted their price objective on shares of Progressive from $217.00 to $243.00 and gave the company a "neutral" rating in a report on Thursday. Finally, BMO Capital Markets restated a "market perform" rating and set a $220.00 price objective on shares of Progressive in a research report on Wednesday, May 20th. Six research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $238.05.

Progressive Stock Down 0.1%

Progressive stock opened at $230.59 on Monday. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The stock has a fifty day moving average of $206.90 and a 200 day moving average of $206.76. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The stock has a market cap of $134.74 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 4.36 and a beta of 0.26.

Progressive (NYSE:PGR - Get Free Report) last announced its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business's revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the firm posted $4.37 earnings per share. As a group, sell-side analysts predict that The Progressive Corporation will post 17.3 EPS for the current year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Thursday, July 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend 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 presently 2.03%.

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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