Kovitz Investment Group Partners LLC Trims Stake in The Progressive Corporation $PGR

Key Points

• Kovitz Investment Group Partners LLC reduced its Progressive stake by 43.3% in the fourth quarter, though institutional investors still own a dominant 85.34% of the insurer’s shares.
• Progressive recently beat earnings expectations with Q1 EPS of $4.80 versus $4.67 expected, while revenue rose 6.5% year over year and return on equity remained strong at 33.47%.
• The company also announced a quarterly dividend of $0.10 per share, and analysts currently rate the stock a consensus Hold with a target price of $237.58.

Kovitz Investment Group Partners LLC cut its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 43.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 58,014 shares of the insurance provider's stock after selling 44,363 shares during the period. Kovitz Investment Group Partners LLC's holdings in Progressive were worth $13,211,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PGR. Allstate Corp increased its stake in Progressive by 106.1% in the 4th quarter. Allstate Corp now owns 44,513 shares of the insurance provider's stock worth $10,136,000 after buying an additional 22,915 shares in the last quarter. Norges Bank bought a new position in shares of Progressive in the fourth quarter worth about $1,836,094,000. Mariner LLC grew its position in shares of Progressive by 7.9% during the third quarter. Mariner LLC now owns 644,636 shares of the insurance provider's stock worth $159,183,000 after purchasing an additional 47,248 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Progressive by 5.7% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,807,068 shares of the insurance provider's stock worth $411,506,000 after purchasing an additional 97,275 shares in the last quarter. Finally, Investment House LLC bought a new stake in Progressive during the 4th quarter valued at approximately $8,447,000. Institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

NYSE:PGR opened at $204.42 on Friday. The company has a market cap of $119.45 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 5.93 and a beta of 0.28. The Progressive Corporation has a 1 year low of $189.20 and a 1 year high of $267.92. The stock's 50 day simple moving average is $199.89 and its two-hundred day simple moving average is $207.25. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.27 and a quick ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 EPS for the quarter, beating analysts' consensus estimates of $4.67 by $0.13. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The firm had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. During the same period in the prior year, the company earned $4.37 EPS. The company's quarterly revenue was up 6.5% compared to the same quarter last year. As a group, equities analysts anticipate that The Progressive Corporation will post 16.34 earnings per share for the current fiscal year.

Progressive Announces Dividend

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

Insider Buying and Selling

In other news, insider John Jo Murphy sold 5,916 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $200.00, for a total transaction of $1,183,200.00. Following the transaction, the insider owned 41,290 shares of the company's stock, valued at approximately $8,258,000. The trade was a 12.53% decrease in their position. The transaction was disclosed in a document filed 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 stock in a transaction on Friday, June 5th. The shares were sold at an average price of $200.00, for a total value of $231,400.00. Following the sale, the insider owned 28,668 shares in the company, valued at $5,733,600. The trade was a 3.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.32% of the company's stock.

Analysts Set New Price Targets

PGR has been the topic of a number of research analyst reports. Jefferies Financial Group lowered their price target on Progressive from $216.00 to $215.00 and set a "hold" rating on the stock in a report on Tuesday, March 24th. Argus upgraded shares of Progressive to a "hold" rating in a research report on Thursday, March 5th. Piper Sandler reissued an "overweight" rating and issued a $259.00 target price on shares of Progressive in a report on Monday, March 2nd. Barclays set a $247.00 target price on shares of Progressive in a research report on Wednesday, March 18th. Finally, Bank of America cut their target price on shares of Progressive from $331.00 to $313.00 and set a "buy" rating for the company in a research note on Thursday. Six equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Progressive presently has a consensus rating of "Hold" and a consensus target price of $237.58.

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: May 2026 results showed solid underwriting and growth: net premiums written rose 6%, net premiums earned increased 10%, net income jumped 36%, and the combined ratio improved to 82.1 from 86.9, signaling stronger profitability and pricing discipline. Progressive Reports May 2026 Results
• Positive Sentiment: Policies in force rose 8% year over year to 39.97 million, with personal auto and direct auto leading growth, which supports future premium volume. Progressive Reports May 2026 Results
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target to $210 from $208, and Bank of America lowered its target to $313 from $331 while keeping a Buy rating, leaving analysts broadly constructive despite valuation shifts. Analyst price target updates
• Neutral Sentiment: The company announced a planned leadership transition, with Personal Lines President Pat Callahan set to retire in January 2027 and internal promotions filling key roles. The move suggests continuity, but it also introduces some management-change uncertainty. Progressive Announces Management Changes
• Neutral Sentiment: Separate commentary and list appearances, including coverage calling Progressive undervalued and attracting investor attention, may be helping sentiment, but they do not change fundamentals by themselves. 5 Most Undervalued NYSE Stocks to Invest In
• Negative Sentiment: Some analyst and market commentary remains mixed, including an underweight view from Morgan Stanley and broader debate over whether current strength is already priced in. Seeking Alpha commentary

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.