The Progressive Corporation $PGR Stake Lowered by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group trimmed its Progressive stake by 2.9% in the fourth quarter, leaving it with 308,383 shares valued at about $70.2 million. Institutional ownership remains high at 85.34%.
• Progressive’s latest earnings beat expectations, with EPS of $4.80 versus the $4.67 consensus, while revenue rose 6.5% year over year to $22.19 billion. Analysts still see the stock as a Hold overall, with an average target price of $239.78.
• The company declared a quarterly dividend of $0.10 per share, payable July 10, representing a 0.2% annualized yield. Recent insider sales by executives also reduced their holdings modestly.

PNC Financial Services Group Inc. cut its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 308,383 shares of the insurance provider's stock after selling 9,280 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.05% of Progressive worth $70,225,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Dagco Inc. bought a new position in shares of Progressive during the fourth quarter valued at approximately $28,000. Ameriflex Group Inc. grew its holdings in shares of Progressive by 106.6% during the third quarter. Ameriflex Group Inc. now owns 126 shares of the insurance provider's stock valued at $31,000 after purchasing an additional 65 shares during the last quarter. Entrust Financial LLC bought a new position in shares of Progressive during the fourth quarter valued at approximately $33,000. Bangor Savings Bank grew its holdings in shares of Progressive by 60.4% during the fourth quarter. Bangor Savings Bank now owns 154 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 58 shares during the last quarter. Finally, Riverview Trust Co grew its holdings in shares of Progressive by 48.6% during the fourth quarter. Riverview Trust Co now owns 162 shares of the insurance provider's stock valued at $37,000 after purchasing an additional 53 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PGR has been the subject of several recent research reports. BMO Capital Markets reaffirmed a "market perform" rating and set a $220.00 target price on shares of Progressive in a report on Wednesday. Jefferies Financial Group reduced their price objective on Progressive from $216.00 to $215.00 and set a "hold" rating for the company in a research report on Tuesday, March 24th. Roth Mkm set a $235.00 price objective on Progressive in a research report on Thursday, February 19th. The Goldman Sachs Group reiterated a "buy" rating and set a $225.00 price objective on shares of Progressive in a research report on Monday, February 23rd. Finally, Argus upgraded Progressive to a "hold" rating in a research report on Thursday, March 5th. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $239.78.

Progressive Stock Performance

Shares of NYSE PGR opened at $199.08 on Friday. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.26. The stock has a 50 day simple moving average of $200.50 and a 200-day simple moving average of $210.29. The company has a market cap of $116.33 billion, a PE ratio of 10.12, a P/E/G ratio of 5.85 and a beta of 0.31. The Progressive Corporation has a 12-month low of $191.75 and a 12-month high of $289.96.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.13. The business had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $23.51 billion. Progressive had a return on equity of 33.47% and a net margin of 12.92%.The business's revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $4.37 earnings per share. On average, equities research analysts forecast that The Progressive Corporation will post 16.41 EPS for the current year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Thursday, July 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Thursday, July 2nd. Progressive's dividend payout ratio is 2.03%.

Insider Transactions at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 2,266 shares of the company's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $203.05, for a total value of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at $5,330,062.50. This represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Karen Bailo sold 3,517 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $212.00, for a total value of $745,604.00. Following the completion of the sale, the insider owned 32,348 shares of the company's stock, valued at $6,857,776. This trade represents a 9.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 6,933 shares of company stock valued at $1,441,564. 0.32% of the stock is currently owned by company insiders.

Progressive News Summary

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Progressive reported April net premiums written rose 6% year over year to $7.28 billion, while net income increased 10% and EPS climbed to $1.86, signaling continued top-line growth and profitability. Progressive Reports April 2026 Results
• Positive Sentiment: Wells Fargo raised its price target on PGR to $222 from $218, suggesting some Wall Street confidence in the stock’s valuation. Benzinga coverage of Wells Fargo target raise
• Neutral Sentiment: Analyst and investor attention has been elevated, with recent coverage benchmarking Progressive against other property & casualty insurers and highlighting the stock’s strong operating track record.
• Negative Sentiment: The company’s combined ratio worsened to 90.2 from 84.9 a year earlier, indicating higher losses/expenses relative to premiums and raising questions about underwriting efficiency. Progressive April 2026 Financial Results
• Negative Sentiment: Revenue came in below some expectations in the company’s prior quarterly report, which may be tempering enthusiasm despite the strong April update.

About Progressive

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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