Park Avenue Securities LLC Has $6.57 Million Holdings in The Progressive Corporation $PGR

Key Points

• Park Avenue Securities LLC reduced its stake in The Progressive Corporation by 16.9% in Q4, holding 28,841 shares valued at about $6.57 million after selling 5,855 shares.
• Institutional investors own 85.34% of Progressive, with major holders including Vanguard, State Street and Capital International (the latter boosted its position by 78.9% in the reported quarter).
• Insiders have sold 11,417 shares worth roughly $2.36 million in the past 90 days, and Progressive announced a quarterly dividend of $0.10 per share (annualized yield ~0.2%), ex-dividend April 2 and payable April 10.

Park Avenue Securities LLC lessened its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 16.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,841 shares of the insurance provider's stock after selling 5,855 shares during the quarter. Park Avenue Securities LLC's holdings in Progressive were worth $6,568,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Vanguard Group Inc. grew its position in shares of Progressive by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 54,667,528 shares of the insurance provider's stock worth $13,500,146,000 after buying an additional 151,240 shares during the period. State Street Corp increased its stake in shares of Progressive by 0.3% in the 3rd quarter. State Street Corp now owns 25,808,762 shares of the insurance provider's stock valued at $6,373,474,000 after acquiring an additional 78,374 shares during the last quarter. Capital International Investors raised its position in shares of Progressive by 78.9% in the 3rd quarter. Capital International Investors now owns 13,704,197 shares of the insurance provider's stock valued at $3,384,082,000 after acquiring an additional 6,045,732 shares during the period. Capital Research Global Investors raised its position in shares of Progressive by 26.1% in the 3rd quarter. Capital Research Global Investors now owns 11,167,940 shares of the insurance provider's stock valued at $2,757,905,000 after acquiring an additional 2,314,864 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Progressive by 32.8% during the 2nd quarter. Alliancebernstein L.P. now owns 10,972,574 shares of the insurance provider's stock worth $2,928,141,000 after acquiring an additional 2,709,417 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: Bank of America kept a "buy" rating and, despite trimming its target slightly to $305, still implies substantial upside — a supporting factor for the stock. Progressive had its price target lowered by Bank of America Corporation from $308.00 to $305.00
• Positive Sentiment: Wells Fargo raised its target to $217 and maintained an "equal weight" view, a modest positive signal that offsets some downgrades. Wells Fargo raised its price target on Progressive
• Neutral Sentiment: Progressive is getting increased attention from retail and news platforms; Zacks flagged PGR as a "trending" stock, which can drive short-term volume and volatility but doesn't change fundamentals. The Progressive Corporation (PGR) Is a Trending Stock
• Neutral Sentiment: Recent media noted intraday moves in PGR (short-term price swings); useful for traders but not necessarily indicative of a lasting trend. Progressive (PGR) stock moves -1.29%: What you should know
• Negative Sentiment: Mizuho cut its target to $223 and moved to "neutral," trimming upside expectations and applying downward pressure. Progressive had its price target lowered by Mizuho from $235.00 to $223.00
• Negative Sentiment: Barclays downgraded PGR from "strong-buy" to "hold," reducing buy-side conviction and potentially limiting near-term gains. Progressive was downgraded by Barclays PLC from "strong-buy" to "hold"
• Negative Sentiment: Keefe, Bruyette & Woods trimmed its target to $227 and set a "market perform" rating, another modest drag on sentiment. Progressive had its price target lowered by Keefe, Bruyette & Woods
• Neutral Sentiment: An unrelated biotech update (Zenas BioPharma) appeared in the feed but has no material bearing on Progressive’s insurance business. Zenas BioPharma Advances Phase 3 Orelabrutinib Trial

Insiders Place Their Bets

In related news, insider Andrew J. Quigg sold 1,649 shares of the company's stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total value of $336,973.15. Following the completion of the transaction, the insider directly owned 39,626 shares of the company's stock, valued at approximately $8,097,573.10. This represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Karen Bailo sold 3,517 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the transaction, the insider owned 32,348 shares of the company's stock, valued at approximately $6,857,776. This trade represents a 9.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 11,417 shares of company stock worth $2,357,289 in the last ninety days. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PGR has been the subject of a number of analyst reports. HSBC cut shares of Progressive from a "strong-buy" rating to a "hold" rating in a report on Friday, January 16th. Piper Sandler reissued an "overweight" rating and set a $259.00 price target on shares of Progressive in a research report on Monday, March 2nd. Bank of America decreased their price target on shares of Progressive from $308.00 to $305.00 and set a "buy" rating for the company in a report on Thursday. Barclays set a $247.00 price objective on shares of Progressive in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Progressive in a research note on Monday, December 29th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Progressive presently has a consensus rating of "Hold" and a consensus price target of $239.72.

Progressive Stock Performance

Shares of PGR opened at $205.93 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.35 and a current ratio of 0.35. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $289.96. The firm's 50 day moving average price is $206.07 and its two-hundred day moving average price is $220.98. The firm has a market cap of $120.66 billion, a P/E ratio of 10.70, a PEG ratio of 8.95 and a beta of 0.33.

Progressive Announces Dividend

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

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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