Ghe LLC Trims Stake in The Progressive Corporation $PGR

Key Points

• Ghe LLC reduced its stake in Progressive by 20.5% in the first quarter, selling 4,889 shares and ending with 18,949 shares worth about $3.76 million.
• Several insiders sold shares recently, including Steven Broz and Director Jeffrey D. Kelly; insiders sold 15,230 shares over the last quarter, though they still own just 0.32% of the company.
• Analysts remain cautious overall: Progressive has a consensus “Hold” rating, even as some firms raised price targets and the company reported quarterly EPS of $4.80, beating estimates.

Ghe LLC cut its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 20.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,949 shares of the insurance provider's stock after selling 4,889 shares during the period. Progressive comprises 0.8% of Ghe LLC's portfolio, making the stock its 17th biggest position. Ghe LLC's holdings in Progressive were worth $3,756,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in PGR. Bogart Wealth LLC increased its stake in shares of Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock valued at $25,000 after buying an additional 87 shares during the period. Bard Associates Inc. bought a new position in Progressive during the 4th quarter worth about $27,000. Dagco Inc. purchased a new position in Progressive during the 4th quarter valued at about $28,000. HHM Wealth Advisors LLC raised its holdings in shares of Progressive by 700.0% in the 1st 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. bought a new position in shares of Progressive during the fourth quarter valued at approximately $29,000. Institutional investors own 85.34% of the company's stock.

Insiders Place Their Bets

In other news, insider Steven Broz sold 1,157 shares of Progressive stock in a transaction 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 completion of the sale, the insider directly owned 27,511 shares in the company, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of the business's stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the sale, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. This trade represents a 23.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 15,230 shares of company stock valued at $3,165,817. Insiders own 0.32% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. UBS Group boosted their price objective on shares of Progressive from $220.00 to $230.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 30th. Evercore set a $240.00 price target on Progressive in a report on Friday. Barclays set a $247.00 price target on Progressive in a research report on Wednesday, March 18th. Wells Fargo & Company cut Progressive from an "equal weight" rating to an "underweight" rating and set a $205.00 price objective for the company. in a research note on Monday, June 29th. Finally, Morgan Stanley cut their target price on Progressive from $205.00 to $190.00 and set an "underweight" rating on the stock in a research note on Tuesday, March 31st. Six analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Progressive presently has a consensus rating of "Hold" and a consensus target price of $238.05.

Progressive Price Performance

Shares of NYSE PGR opened at $230.59 on Monday. The Progressive Corporation has a fifty-two week low of $189.20 and a fifty-two week high of $254.93. The company has a market cap of $134.74 billion, a PE ratio of 11.72, a P/E/G ratio of 4.36 and a beta of 0.26. 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 business has a 50-day simple moving average of $206.90 and a two-hundred day simple moving average of $206.76.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.13. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. The company's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.37 earnings per share. As a group, equities analysts expect that The Progressive Corporation will post 17.3 EPS for the current fiscal year.

Progressive Announces Dividend

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

Progressive News Summary

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

Progressive 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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