Fifth Third Bancorp Buys 115,330 Shares of The Progressive Corporation $PGR

Fifth Third Bancorp grew its stake in shares of The Progressive Corporation (NYSE:PGR) by 110.0% during the first quarter, Holdings Channel reports. The institutional investor owned 220,209 shares of the insurance provider’s stock after buying an additional 115,330 shares during the period. Fifth Third Bancorp’s holdings in Progressive were worth $43,654,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Klingman & Associates LLC raised its stake 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 acquiring an additional 48 shares during the period. Revisor Wealth Management LLC boosted its position in shares of Progressive by 2.7% in the fourth quarter. Revisor Wealth Management LLC now owns 1,902 shares of the insurance provider’s stock worth $395,000 after purchasing an additional 50 shares during the period. Cullen Investment Group LTD. boosted its position in shares of Progressive by 0.7% in the fourth quarter. Cullen Investment Group LTD. now owns 7,463 shares of the insurance provider’s stock worth $1,606,000 after purchasing an additional 52 shares during the period. Pines Wealth Management LLC increased its stake in shares of Progressive by 3.9% in the fourth quarter. Pines Wealth Management LLC now owns 1,399 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 52 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in shares of Progressive by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 18,736 shares of the insurance provider’s stock worth $4,267,000 after purchasing an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Key Progressive News

Here are the key news stories impacting Progressive this week:

• Positive Sentiment: Mizuho raised its price target on Progressive (PGR) to $243 from $217, while keeping a neutral rating, signaling improved expectations for the insurer’s near-term upside. Mizuho Raises Progressive Price Target
• Positive Sentiment: DOWLING & PARTNERS increased its FY2026 earnings estimate for Progressive to $18.00 per share from $17.75, above the broader consensus of $17.28, which suggests analysts see continued earnings strength. Progressive Analyst Estimate Increase
• Positive Sentiment: One recent commentary piece argued that improving underwriting trends and a possible index-exit effect could be a “game changer” for Progressive, reinforcing the bullish view that fundamentals may support the stock. Index Exit and Upbeat Underwriting Trends Could Be A Game Changer For Progressive
• Neutral Sentiment: Another article said Progressive still looks fully valued after Russell Growth Index exits, which could limit enthusiasm even though it does not change the company’s operating outlook. Progressive After Russell Growth Index Exits Still Looks Fully Valued
• Neutral Sentiment: A comparison piece versus Allstate argued that Progressive’s valuation remains premium relative to peers, highlighting a potential headwind for multiple expansion rather than a direct business concern. Allstate Vs. Progressive: Buy Allstate’s Deep-Value Multiple Not Progressive’s Premium Run

Insider Activity

In related news, insider John Jo Murphy sold 5,916 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $200.00, for a total value of $1,183,200.00. Following the sale, the insider directly owned 41,290 shares in the company, valued at approximately $8,258,000. The trade was a 12.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,157 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $204.76, for a total value of $236,907.32. Following the transaction, the insider directly owned 27,511 shares of the company’s stock, valued at approximately $5,633,152.36. The trade was a 4.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 15,230 shares of company stock worth $3,165,817 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Progressive Price Performance

PGR stock opened at $230.59 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.27 and a current ratio of 0.27. The company’s fifty day moving average price is $206.90 and its 200-day moving average price is $206.76. The Progressive Corporation has a one year low of $189.20 and a one year high of $254.93. The company has a market capitalization of $134.74 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 4.36 and a beta of 0.26.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 15th. The insurance provider reported $4.80 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.13. The company had revenue of $22.19 billion during the quarter, compared to analysts’ expectations of $23.51 billion. Progressive had a net margin of 12.92% and a return on equity of 33.47%. Progressive’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the company posted $4.37 earnings per share. On average, equities analysts anticipate that The Progressive Corporation will post 17.3 EPS for the current fiscal year.

Progressive Dividend Announcement

The business also recently disclosed 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. This represents a $0.40 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, July 2nd. Progressive’s dividend payout ratio is 2.03%.

Analyst Ratings Changes

A number of research firms recently weighed in on PGR. BMO Capital Markets restated a “market perform” rating and set a $220.00 target price on shares of Progressive in a research note on Wednesday, May 20th. Keefe, Bruyette & Woods increased their price target on Progressive from $210.00 to $231.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Jefferies Financial Group decreased their price target on Progressive from $216.00 to $215.00 and set a “hold” rating on the stock in a report on Tuesday, March 24th. Wells Fargo & Company downgraded Progressive from an “equal weight” rating to an “underweight” rating and set a $205.00 price objective on the stock. in a research report on Monday, June 29th. Finally, Bank of America dropped their price objective on Progressive from $331.00 to $313.00 and set a “buy” rating for the company in a research note on Thursday, June 18th. Six investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $238.05.

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.