The Manufacturers Life Insurance Company Has $65.39 Million Position in The Progressive Corporation $PGR

Key Points

• The Manufacturers Life Insurance Company reduced its Progressive stake by 3.1% in the first quarter, selling 10,443 shares and retaining 329,875 shares valued at approximately $65.39 million. Institutional investors collectively own about 85.34% of PGR.
• Progressive insiders sold 74,885 shares worth roughly $15.88 million over the past three months, including substantial sales by the CEO and other executives. The transactions were made under pre-arranged Rule 10b5-1 plans, and insiders still retain significant holdings.
• Analysts have a consensus “Hold” rating and an average price target of $236.11, above the recent share price. Progressive recently paid a $0.10 quarterly dividend, equal to a 0.2% annualized yield.

The Manufacturers Life Insurance Company cut its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 329,875 shares of the insurance provider's stock after selling 10,443 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Progressive worth $65,394,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PGR. Brighton Jones LLC boosted its holdings in shares of Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in shares of Progressive during the fourth quarter worth approximately $269,000. Bison Wealth LLC lifted its holdings in Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider's stock worth $615,000 after purchasing an additional 80 shares during the last quarter. HUB Investment Partners LLC lifted its holdings in Progressive by 7.8% during the 2nd quarter. HUB Investment Partners LLC now owns 2,282 shares of the insurance provider's stock worth $609,000 after purchasing an additional 166 shares during the last quarter. Finally, Diversify Wealth Management LLC boosted its stake in Progressive by 12.0% in the 2nd quarter. Diversify Wealth Management LLC now owns 15,146 shares of the insurance provider's stock valued at $3,681,000 after purchasing an additional 1,622 shares during the period. Institutional investors own 85.34% of the company's stock.

Insider Activity

In related news, insider John Jo Murphy sold 8,124 shares of the company's stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the sale, the insider directly owned 41,291 shares in the company, valued at $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Susan Patricia Griffith sold 37,338 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $212.71, for a total transaction of $7,942,165.98. Following the sale, the chief executive officer directly owned 522,776 shares of the company's stock, valued at $111,199,682.96. This represents a 6.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 74,885 shares of company stock worth $15,880,459. 0.32% of the stock is owned by corporate insiders.

Progressive Price Performance

Shares of NYSE:PGR opened at $220.52 on Thursday. The firm has a market cap of $128.86 billion, a PE ratio of 11.06, a price-to-earnings-growth ratio of 2.96 and a beta of 0.26. The firm's fifty day moving average is $210.81 and its 200-day moving average is $206.02. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.27 and a current ratio of 0.32. The Progressive Corporation has a 52 week low of $189.20 and a 52 week high of $254.93.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's payout ratio is presently 2.01%.

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: The scheduled nature of the transactions reduces the likelihood that the sales signal a current deterioration in Progressive’s business outlook. Despite the sales, executives continue to hold substantial positions in the company.
• Positive Sentiment: Analyst sentiment remains broadly supportive. Progressive has an average rating of “Hold” and a consensus price target of $236.11, above its recent trading level. UBS raised its target to $230, while Morgan Stanley upgraded the stock to “Equal Weight.”
• Neutral Sentiment: Progressive recently paid a quarterly dividend of $0.10 per share, equivalent to a $0.40 annualized payout and a roughly 0.2% yield. The dividend provides limited income support because of its small size.
• Neutral Sentiment: Institutional investors own approximately 85.34% of Progressive, and several smaller investment firms modestly increased their holdings. This indicates continued institutional participation but is not a major new catalyst.
• Negative Sentiment: Progressive insiders reported significant selling. CEO Susan Patricia Griffith sold 37,338 shares for about $7.94 million; Karen Bailo sold 8,452 shares; CIO Jonathan Bauer sold 2,242 shares; John Jo Murphy sold 8,124 shares; and CFO Andrew J. Quigg sold 3,499 shares for about $770,000. The sales reduce individual holdings by approximately 6.7% to 20.7% and could create a cautious near-term signal, even though they were planned in advance. Progressive CFO insider-sale filing

Analyst Ratings Changes

Several brokerages have weighed in on PGR. Wells Fargo & Company dropped their price objective on Progressive from $205.00 to $198.00 and set an "underweight" rating for the company in a report on Thursday, July 16th. Royal Bank Of Canada set a $208.00 target price on shares of Progressive in a research note on Friday, May 22nd. Bank of America lowered their price target on shares of Progressive from $313.00 to $308.00 and set a "buy" rating for the company in a report on Thursday, July 16th. UBS Group raised their price objective on Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a report on Tuesday, June 30th. Finally, Mizuho upped their target price on Progressive from $217.00 to $243.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of "Hold" and a consensus target price of $236.11.

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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