Nordea Investment Management AB trimmed its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 17.1% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,135,330 shares of the insurance provider’s stock after selling 233,725 shares during the period. Nordea Investment Management AB owned about 0.19% of Progressive worth $259,809,000 as of its most recent SEC filing.
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Several other hedge funds have also recently added to or reduced their stakes in the business. Maia Wealth LLC boosted its stake in shares of Progressive by 5.4% during the 2nd quarter. Maia Wealth LLC now owns 857 shares of the insurance provider’s stock worth $229,000 after acquiring an additional 44 shares in the last quarter. Selective Wealth Management Inc. raised its position in shares of Progressive by 2.1% during the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock worth $538,000 after purchasing an additional 45 shares during the period. Liberty One Investment Management LLC lifted its holdings in shares of Progressive by 3.8% during the third quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 47 shares during the last quarter. True Wealth Design LLC lifted its holdings in shares of Progressive by 20.8% during the third quarter. True Wealth Design LLC now owns 279 shares of the insurance provider’s stock valued at $69,000 after purchasing an additional 48 shares during the last quarter. Finally, Wealthstream Advisors Inc. boosted its position in shares of Progressive by 4.6% in the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock valued at $274,000 after purchasing an additional 49 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.
Shares of Progressive stock opened at $205.93 on Monday. The Progressive Corporation has a 1 year low of $197.92 and a 1 year high of $289.96. The company has a market cap of $120.66 billion, a P/E ratio of 10.70, a P/E/G ratio of 6.49 and a beta of 0.33. 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 has a 50-day moving average price of $206.07 and a 200 day moving average price of $220.80.
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The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive’s dividend payout ratio is 2.08%.
In related news, CIO Jonathan S. Bauer sold 2,266 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $203.05, for a total transaction of $460,111.30. Following the completion of the sale, the executive directly owned 26,250 shares in the company, valued at approximately $5,330,062.50. This trade represents a 7.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Carl G. Joyce sold 141 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $212.00, for a total transaction of $29,892.00. Following the transaction, the chief accounting officer directly owned 828 shares in the company, valued at $175,536. The trade was a 14.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,417 shares of company stock valued at $2,357,289 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.
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Here are the key news stories impacting Progressive this week:
• 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
• Wells Fargo raised its target to $217 and maintained an “equal weight” view, a modest positive signal that offsets some downgrades.
• 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.
• 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
• 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
• 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”
• 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
• An unrelated biotech update (Zenas BioPharma) appeared in the feed but has no material bearing on Progressive’s insurance business.
A number of equities analysts recently weighed in on the company. Citigroup dropped their price target on Progressive from $300.60 to $261.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. HSBC cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Mizuho dropped their target price on shares of Progressive from $235.00 to $223.00 and set a “neutral” rating on the stock in a research report on Friday. Keefe, Bruyette & Woods cut their price target on shares of Progressive from $232.00 to $227.00 and set a “market perform” rating on the stock in a report on Thursday. Finally, UBS Group reduced their price target on shares of Progressive from $226.00 to $218.00 and set a “neutral” rating for the company in a research report on Monday, February 23rd. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $239.72.
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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