Key Points
- Insider sale: CAO Carl G. Joyce sold 270 shares on March 20 at an average price of $206.50 for $55,755, leaving him with 558 shares — a 32.61% reduction in his holdings.
- Debt financing: Progressive priced $1.5 billion of senior notes ( $500M 4.60% due 2031 and $1B 5.15% due 2036) at roughly par, boosting liquidity but potentially reducing near‑term share‑repurchase capacity.
- Market view: The company has a $120.09B market cap and a P/E of 10.65; Wall Street’s consensus is a "Hold" with a $239.83 average price target and a 12‑month trading range of $197.92–$289.96.
The Progressive Corporation (NYSE:PGR - Get Free Report) CAO Carl Joyce sold 270 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $206.50, for a total transaction of $55,755.00. Following the completion of the sale, the chief accounting officer directly owned 558 shares in the company, valued at approximately $115,227. This represents a 32.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Progressive Price Performance
Shares of PGR opened at $204.97 on Tuesday. 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 Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $289.96. The firm's fifty day simple moving average is $205.84 and its 200-day simple moving average is $220.49. The firm has a market capitalization of $120.09 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 6.49 and a beta of 0.33.
Progressive Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Thursday, April 2nd will be given a $0.10 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $0.40 annualized dividend and a yield of 0.2%. Progressive's dividend payout ratio is 2.08%.
Wall Street Analysts Forecast Growth
PGR has been the topic of several research reports. BMO Capital Markets lowered their price objective on shares of Progressive from $232.00 to $208.00 and set a "market perform" rating on the stock in a research report on Wednesday, March 11th. The Goldman Sachs Group reiterated a "buy" rating and set a $225.00 target price on shares of Progressive in a research note on Monday, February 23rd. Citigroup lowered their price target on Progressive from $300.60 to $261.00 and set a "buy" rating on the stock in a report on Tuesday, February 3rd. HSBC cut Progressive from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 16th. Finally, Bank of America decreased their price objective on Progressive from $308.00 to $305.00 and set a "buy" rating for the company in a research report on Thursday, March 19th. Six analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $239.83.
Read Our Latest Research Report on PGR
Institutional Trading of Progressive
Several hedge funds and other institutional investors have recently made changes to their positions in PGR. Maia Wealth LLC raised its holdings in Progressive by 5.4% during the second quarter. Maia Wealth LLC now owns 857 shares of the insurance provider's stock worth $229,000 after purchasing an additional 44 shares in the last quarter. Selective Wealth Management Inc. boosted its holdings in Progressive by 2.1% in the 3rd quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider's stock valued at $538,000 after purchasing an additional 45 shares in the last quarter. Liberty One Investment Management LLC boosted its holdings in Progressive by 3.8% in the 3rd 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 in the last quarter. True Wealth Design LLC increased its position in Progressive by 20.8% during the 3rd quarter. True Wealth Design LLC now owns 279 shares of the insurance provider's stock worth $69,000 after purchasing an additional 48 shares during the period. Finally, Klingman & Associates LLC increased its position in Progressive by 1.7% during the 4th quarter. Klingman & Associates LLC now owns 2,927 shares of the insurance provider's stock worth $667,000 after purchasing an additional 48 shares during the period. Hedge funds and other institutional investors own 85.34% of the company's stock.
More Progressive News
Here are the key news stories impacting Progressive this week:
- Positive Sentiment: Progressive successfully priced $1.5 billion of senior notes — $500M of 4.60% due 2031 and $1B of 5.15% due 2036 — at roughly par, demonstrating continued market access and financing at reasonable rates for a large insurer. This improves liquidity and funds general corporate purposes without equity dilution. GlobeNewsWire Release
- Neutral Sentiment: Analysis highlights the issuance reframes Progressive’s capital structure and investor tradeoffs — reasonable borrowing costs but a shift away from potential share-repurchase capacity; investors will weigh yield vs. longer-term leverage. Yahoo: Capital Structure Analysis
- Neutral Sentiment: The notes were arranged by reputable underwriters (Goldman Sachs & TD Securities) and sold under an effective S-3 registration — procedural positives but not an immediate earnings driver. Pricing slightly below par signals fair demand dynamics in current fixed‑income markets. Quiver/Press Summary
- Negative Sentiment: Analyst moves are mixed: UBS nudged its price target to $220 but kept a "neutral" rating, while Mizuho cut its target to $223 — these modest downward revisions and cautious guidance could cap upside near term. Benzinga: UBS PT Change Mizuho PT Cut
- Negative Sentiment: Corporate insider selling: CAO Carl G. Joyce reported a small sale (270 shares). While immaterial to the company’s cap structure, continued insider sales can be noticed by investors as a sentiment signal. SEC Form 4
Progressive Company Profile
(
Get Free Report)
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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