The Progressive Corporation $PGR Shares Sold by Capital World Investors

Key Points

• Capital World Investors trimmed its stake in The Progressive Corporation by 2.1% in Q3, selling 205,330 shares and now owning 9,505,122 shares (about 1.62% of the company) valued at $2.347 billion.
• Progressive announced a quarterly dividend of $0.10 (annualized $0.40) with an ex-dividend date of April 2 and payment on April 10, implying a 0.2% yield.
• Several analysts have cut price targets while the consensus rating is "Hold" with a $245.50 target; the stock trades near $206.70 (12‑month range $197.92–$292.99), with a market cap of $121.1 billion and a P/E of 10.74.

Capital World Investors trimmed its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 2.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,505,122 shares of the insurance provider's stock after selling 205,330 shares during the quarter. Capital World Investors owned about 1.62% of Progressive worth $2,347,283,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Davis Capital Management purchased a new stake in shares of Progressive during the 3rd quarter worth approximately $25,000. Atlantic Union Bankshares Corp acquired a new stake in Progressive during the 2nd quarter worth $33,000. Howard Hughes Medical Institute purchased a new stake in Progressive in the second quarter valued at $34,000. Ameriflex Group Inc. boosted its stake in Progressive by 106.6% in the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after acquiring an additional 65 shares in the last quarter. Finally, TruNorth Capital Management LLC grew its holdings in shares of Progressive by 450.0% during the third quarter. TruNorth Capital Management LLC now owns 165 shares of the insurance provider's stock worth $41,000 after purchasing an additional 135 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Down 1.9%

NYSE:PGR opened at $206.70 on Tuesday. The Progressive Corporation has a 12-month low of $197.92 and a 12-month high of $292.99. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The stock's 50 day simple moving average is $208.55 and its 200-day simple moving average is $223.48. The firm has a market cap of $121.10 billion, a P/E ratio of 10.74, a PEG ratio of 9.19 and a beta of 0.33.

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Thursday, April 2nd. Progressive's dividend payout ratio (DPR) is 2.08%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Progressive from $303.00 to $275.00 and set an "overweight" rating for the company in a research report on Wednesday, January 7th. BMO Capital Markets decreased their price objective on Progressive from $239.00 to $232.00 and set a "market perform" rating for the company in a report on Thursday, January 29th. Morgan Stanley lowered their target price on shares of Progressive from $214.00 to $205.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 28th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Progressive in a report on Monday, December 29th. Finally, Piper Sandler reiterated an "overweight" rating and set a $259.00 price target on shares of Progressive in a research note on Monday, March 2nd. Seven equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $245.50.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 2,266 shares of Progressive stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $203.05, for a total value of $460,111.30. Following the sale, the executive owned 26,250 shares of the company's stock, valued at $5,330,062.50. The trade was a 7.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew J. Quigg sold 1,649 shares of the stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $336,973.15. Following the transaction, the insider directly owned 39,626 shares of the company's stock, valued at $8,097,573.10. This represents a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 12,761 shares of company stock worth $2,659,420. 0.33% of the stock is currently owned by insiders.

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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