Fisher Funds Management LTD Buys 48,171 Shares of The Progressive Corporation $PGR

Key Points

• Fisher Funds raised its stake in The Progressive Corporation by 43.7%, buying 48,171 shares in Q4 to hold 158,416 shares worth about $36.3 million.
• Q1 results showed an EPS beat of $4.80 vs. $4.67 expected but revenue missed at $22.19B (vs. $23.51B est.), prompting analyst upgrades and signaling continued top‑line momentum despite some investment losses.
• Insiders sold 11,687 shares totaling roughly $2.41 million in the last quarter; institutional ownership is high at 85.34% while insiders own 0.32% of the stock.

Fisher Funds Management LTD lifted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 43.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 158,416 shares of the insurance provider's stock after acquiring an additional 48,171 shares during the period. Fisher Funds Management LTD's holdings in Progressive were worth $36,301,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Davis Capital Management bought a new stake in shares of Progressive in the 3rd quarter valued at about $25,000. Dagco Inc. bought a new stake in shares of Progressive in the 4th quarter valued at about $28,000. Ameriflex Group Inc. boosted its holdings in shares of Progressive by 106.6% in the 3rd quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after buying an additional 65 shares in the last quarter. Bangor Savings Bank boosted its holdings in shares of Progressive by 60.4% in the 4th quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock valued at $35,000 after buying an additional 58 shares in the last quarter. Finally, Riverview Trust Co boosted its holdings in shares of Progressive by 48.6% in the 4th quarter. Riverview Trust Co now owns 162 shares of the insurance provider's stock valued at $37,000 after buying an additional 53 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the sale, the executive directly owned 26,250 shares of the company's stock, valued at approximately $5,330,062.50. This represents a 7.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,687 shares of company stock worth $2,413,044 in the last quarter. 0.32% of the stock is owned by insiders.

Key Stories Impacting Progressive

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Q1 earnings beat and underwriting improvement — Progressive reported quarterly results showing higher earnings per share and better underwriting metrics (combined ratio improvement and rising net premiums written), supporting profitability and cash flow. Q1 Earnings Beat
• Positive Sentiment: Analysts raised forecasts and price targets — Multiple analysts increased earnings forecasts and lifted price targets after the Q1 release, adding upward momentum to sentiment. (See Benzinga write-up of the upgrades.) Analyst Upgrades
• Positive Sentiment: March & monthly metrics reinforce trends — Progressive’s March and monthly release showed double‑digit growth in net premiums written/earned and an increase in policies in force, underscoring top-line momentum. Monthly Results
• Neutral Sentiment: Sector theme — Market commentary highlights insurers as potential inflation hedges because rising premiums can boost pricing power; Progressive is included in those discussions, which may support longer‑term demand for the stock. Insurance Inflation Hedge
• Neutral Sentiment: Mixed institutional/analyst positioning — Recent data show a wide range of price targets (median ~ $223) and large institutional portfolio moves both adding and trimming PGR exposure; this creates dispersion in near‑term flows. Quiver Summary & Ownership
• Negative Sentiment: Investment mark‑to‑market losses — The company disclosed pretax net realized losses on securities in the period, which weighed on investment results and offset some underwriting gains. Investment Losses
• Negative Sentiment: Insider selling and some large fund reductions — Recent filings show multiple insider sales and sizable quarter‑end reductions by a few big institutions, which can add selling pressure or signal portfolio rebalancing. Insider & Fund Activity
• Negative Sentiment: Revenue / technical backdrop — Some outlets noted revenue came in below certain consensus figures, and the share price remains below its 200‑day moving average, which technical traders may view as a headwind. Valuation/Technical Commentary

Progressive Trading Up 1.1%

Shares of Progressive stock opened at $203.49 on Friday. The company has a current ratio of 0.33, a quick ratio of 0.35 and a debt-to-equity ratio of 0.26. The Progressive Corporation has a 12-month low of $192.02 and a 12-month high of $289.96. The firm has a market capitalization of $119.04 billion, a price-to-earnings ratio of 10.35, a PEG ratio of 6.64 and a beta of 0.34. The firm's 50 day simple moving average is $203.42 and its two-hundred day simple moving average is $215.20.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The business had revenue of $22.19 billion for the quarter, compared to analyst estimates of $23.51 billion. During the same quarter in the prior year, the business posted $4.37 EPS. Progressive's revenue for the quarter was up 6.5% compared to the same quarter last year. Analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Thursday, April 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive's payout ratio is currently 2.03%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PGR shares. Barclays set a $247.00 price target on shares of Progressive in a report on Wednesday, March 18th. UBS Group upped their price target on Progressive from $218.00 to $220.00 and gave the stock a "neutral" rating in a research report on Monday, March 23rd. Keefe, Bruyette & Woods reduced their price target on Progressive from $227.00 to $210.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 7th. HSBC downgraded Progressive from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 16th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Progressive in a research report on Friday, March 27th. Six investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Progressive has an average rating of "Hold" and an average target price of $238.39.

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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